BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Special drawing rights
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Reserve tranche position of India in IMF
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Indian currency held by foreign countries
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Both A and B
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Detailed explanation-1: -India’s foreign exchange reserves are mainly composed of US dollar in the forms of US government bonds and institutional bonds. with nearly 7.34% of forex reserves in gold. The FCAs also include investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.
Detailed explanation-2: -FCA is the largest component of the forex reserve. 2. Gold. 3.
Detailed explanation-3: -Silver holding of the RBI is not included in the foreign exchange reserves of India.
Detailed explanation-4: -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-5: -The exchange rate has two components-the base currency and the counter currency. In a direct quotation, the foreign currency is the base currency and the domestic currency is the counter currency.