NEWS
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- According to the government data,India’s foreign exchange reserves has reached an all-time high of $430.37 billion till July 19,2019.
- This surge in the foreign currency reserves was aided by the Recently conducted currency swaps worth $10 billion by the Reserve Bank of India.
- Further,the inflows have also come on the back of a stable rupee and relatively lower crude oil prices.
- Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies.These reserves are used to back liabilities and influence monetary policy.
- These assets serve many purposes but are most significantly held to ensure that a central government agency has backup funds if their national currency rapidly devalues or becomes altogether insolvent.
- The Foreign exchange reserves of India consists of four categories which are (a)Foreign Currency Assets (b)Gold (c)Special Drawing Rights(SDRs) and (d)Reserve Tranche Position.
