BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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US$405.1434 billion
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US$406.1434 billion
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US$123.4532 billion
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US$407.1434 billion
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Detailed explanation-1: -According to RBI’s latest data, India’s foreign currency assets, the biggest component of the forex reserves, rose by USD 9.078 billion to USD 505.519 billion. Gold reserves rose by USD 1.106 to USD 42.890 billion. Notably, at the start of last year-2022, the overall forex reserves were at about USD 633 billion.
Detailed explanation-2: -India’s forex reserves stood at $561.583 billion as on January 13, 2023. The Foreign Currency Assets stood at $503.65 billion. FCA is a major component of the overall reserves.
Detailed explanation-3: -India’s reserves hit a more-than-two-year low of $524.52 billion in October 2022. India’s foreign exchange reserves rose to a five month high in the week ended January 13, according to the Reserve Bank of India’s (RBI) statistical supplement released on Friday.
Detailed explanation-4: -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.