12/6/2019 Forex kitty nears record $452bn - Times of India

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12/6/2019 Forex kitty nears record $452bn - Times of India

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Forex kitty nears record $452bn

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12/6/2019 Forex kitty nears record $452bn - Times of India

https://timesofindia.indiatimes.com/business/india-business/forex-kitty-nears-record-452bn/articleshow/72391985.cms 3/13

Mumbai: Foreign exchange reserves continued the upward journey, surging to a new high of $451.7 billion asof December 3, RBI governor Shaktikanta Das said on Thursday. Since the beginning of the current fiscal, theforex kitty has gained by $38.8 billion as of December 3, the largest in recent years, the governor added.

The total reserves had risen by $347 million to $448.6 billion in the week to November 22, the last reportednumber by the RBI. The reserves have been surging to new highs every week for the last few months and this isthe first time that they have crossed the $450-billion mark.

In the last 12 months several of the emerging market currencies had weakened against the dollar. Among thecurrencies that weakened, the rupee has been among the better-performing currencies depreciating only 1.21%since December 2018.

According to a report by Care Ratings, the $56-billion addition to reserves up to December is a reflection ofoverall strong fundamentals. “This has been aided by a lower trade deficit, stronger capital flows through FPIand FDI and larger recourse taken to external commercial borrowings by companies due to favourable interestrate regime and stable rupee,” said Madan Sabnavis, chief economist, Care Ratings.

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12/6/2019 Forex kitty nears record $452bn - Times of India

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12/6/2019 Forex kitty nears record $452bn - Times of India

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