Foreign Exchange Reserves Rise By $ 1.444 Billion
Foreign exchange reserves rise by $ 1.444 billion, gold reserves rise in value by more than $ 100 million.
The country’s foreign exchange reserves increased by $ 1.444 billion last week. According to the information given by RBI, with this increase, the foreign exchange reserves reached $ 589.465 billion in the week ending May 7.
The country’s foreign exchange reserves had increased by $ 3.913 billion to $ 588.02 billion in the week ended April 30, a week before that.
The foreign exchange reserves reached a record high of $ 590.185 billion during the week ended January 29 this year due to the continuous increase in the past few years.
In June last year, the country’s foreign exchange reserves crossed $ 500 billion for the first time.
Foreign currency assets (FCA) increased by $ 43.4 million during the week under review, as per information provided by RBI. This increased the value of these assets to $ 546.493 billion.
FCA also includes currencies such as the euro, pound, and yen, including the dollar. Their value is also calculated in dollar terms.
According to RBI, the value of the country’s gold reserves jumped by $ 1.016 billion to $ 36.48 billion in the week under review.
ADB lends maximum debt to India last year, finances to 13 projects.
The Asian Development Bank (ADB) has signed the maximum loan agreement with India in the last year.
It also includes financial assistance of $ 1.8 billion (about Rs. 12,960 crores) given to the projects brought by the government to overcome the Corona crisis.
Last year, ADB promised India a record $ 3.92 billion (about Rs 28,224 crore) of debt.
Last year, ADB financed a total of 13 projects in India. ADB said that it was the largest loan given to India since it started operations in 1986.
To deal with the Corona infection, the Manila-based ADB signed a large loan agreement to India.
This included loans for social security schemes including financial assistance to the poor and other afflicted sections.
Along with this, the bank also approved financial assistance to the government for taking steps towards the improvement of health facilities in urban areas.
