India’s forex reserves have reached a new lifetime high of $621.5 billion.

India’s forex reserves have reached a new lifetime high of $621.5 billion.

According to RBI data released on Friday, the country’s foreign exchange reserves grew by $889 million to a lifetime high of $621.464 billion in the week ending August 6, 2021. The reserves increased by $9.427 billion to $620.576 billion in the week ending July 30, 2021.

According to Reserve Bank of India weekly data, the increase in the forex kitty was owing to a growth in foreign currency assets (FCAs), a major component of overall reserves, in the reporting week (RBI).

Related posts

[pt_view id=”c8bb8e9z6d”]

In the reporting week, FCAs increased by $1.508 billion to $577.732 billion.

The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.

The data indicated that gold reserves fell by $588 million to $37.057 billion in the reporting week.

Vehicle scrappage policy: Leasing is a cheaper option than buying a car on loan now 

The International Monetary Fund’s (IMF) special drawing rights (SDRs) fell by $1 million to $1.551 billion.

The country’s reserve position with the International Monetary Fund (IMF) has also decreased by $31.

Recent Posts

Digital payments up 30.2% in FY21: According to RBI data

Digital payments up 30.2% in FY21: According to RBI data

According to RBI data, digital payments grew by 30.19 per cent in the year ended March 2021, demonstrating the country’s adoption and deepening of cashless transactions. The newly created Digital Payments Index (RBI-DPI) grew to 270.59 at the end of March 2021, up from 207.84 the previous year.

“In recent years, the RBI-DPI index has shown remarkable growth, indicating the fast adoption and deepening of digital payments across the country.”

The Reserve Bank of India had previously announced the creation of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as the basis to measure the amount of payment digitisation in India.

[pt_view id=”bde86c4tc7″]

The RBI-DPI is made up of five major metrics that can be used to track the depth and penetration of digital payments in the country over time.

Payment Enablers (25 percent weight); Payment Infrastructure – Demand-side variables (10 percent); Payment Infrastructure – Supply-side factors (15 percent); Payment Performance (45 percent); and Consumer Centricity (45 percent) (5 per cent).

Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1

The RBI said in January that the index would be issued semi-annually starting in March 2021, with a four-month lag.

Asian Development Bank (ADB) annual funding to India hits record high

Last year, the Asian Development Bank (ADB) increased its overall yearly funding to India to $4.27 billion, thanks to Covid-19 support. The ADB stated in a statement on Friday that this was the greatest yearly lending commitment to the country since the bank’s lending operations began in 1986.

According to the announcement, the total sum includes $3.92 billion in sovereign financing for 13 projects, including $1.8 billion in pandemic-related support and a $356 million commitment through non-sovereign activities.

As part of its pandemic assistance to India, the Asian Development Bank (ADB) offered emergency assistance to contain the virus and implement social protection measures to help the poor and vulnerable.

[pt_view id=”05a5730dwk”]

“ADB stands ready to provide more resources to address India’s many Covid-19-related challenges in the future, including funds to expedite the country’s ongoing vaccination programme and build the health system’s resilience against future shocks, as well as supplementary support to protect small businesses, underpin education, and underpin social protection,” said Takeo Konishi, ADB Country Director.

adb

Aside from Covid-19 aid, the international lender increased its funding for India’s infrastructure development by assisting with energy, transportation, urban development, and public sector management.

This includes $500 million for the construction of an 82-kilometer high-speed Delhi-Meerut RRT system corridor, as well as energy sector loans to boost distribution networks in Maharashtra, Karnataka, Uttar Pradesh, and Meghalaya, as well as a 120-megawatt hydroelectric power plant in Assam.