BANKING AFFAIRS

Detailed explanation-1: -The Reserve Bank of India publishes half-yearly reports on management of foreign exchange reserves as part of its efforts towards enhanced transparency and levels of disclosure. These reports are prepared half yearly with reference to the position as at end-March and end-September each year.

Detailed explanation-2: -In a report last month, the Reserve Bank said the country’s foreign exchange reserves at $ 564.1 billion as on December 9, 2022, covered 9.2 months of imports projected for 2022-23.

Detailed explanation-3: -The RBI said last month that foreign exchange reserves worth $564.1 billion as on December 9 accounted for 9.2 months of imports projected for the current financial year. The level of reserves in September 2021 had accounted for close to 15 months of imports.

Detailed explanation-4: -India’s foreign exchange reserves increased by $1.727 billion to $573.727 billion in the week ended January 20, the Reserve Bank of India said on Friday. India’s forex reserves stood at $561.583 billion as on January 13, 2023. The Foreign Currency Assets stood at $503.65 billion.

Detailed explanation-5: -Foreign Exchange Reserves in India averaged 272554.80 USD Million from 1998 until 2023, reaching an all time high of 642453.00 USD Million in September of 2021 and a record low of 29048.00 USD Million in September of 1998.