2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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USD 700 billion
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USD 500 billion
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USD 590 billion
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USD 600 billion
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Detailed explanation-1: -In June 2021, India crossed the 600 Billion USD mark for the first time.
Detailed explanation-2: -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-3: -As on February 25, 2022, which was around the time that Russia invaded Ukraine, RBI’s foreign exchange reserves stood at $631.53 billion. The RBI said last month that foreign exchange reserves worth $564.1 billion as on December 9 accounted for 9.2 months of imports projected for the current financial year.
Detailed explanation-4: -Foreign exchange reserves in nominal terms (including valuation effects) decreased by US$ 18.2 billion during April-June 2022 as against an increase of US$ 34.1 billion in the corresponding period of the preceding year (Table 2). Note: Increase in reserves (+)/Decrease in reserves (-).