First Time India’s Forex Reserves crosses USD 450 billion
India’s foreign exchange reserves have crossed the USD 450 billion mark for the first time on 3rd December 2019.
The Reserve Bank of India Governor, Shaktikant Das in a press conference informed that the foreign exchange reserves hit a new high on 3rd December 2019 were at USD 451.7 billion. This financial year the foreign exchange reserve has gained USD 38.8 billion.
The net foreign direct investment in the first half of 2019-20 was USD 20.9 billion, in the first half of the previous financial year 2018-19 it was USD 17 billion.
The net foreign portfolio investment was USD 8.8 billion in the first half of the 2019-20 financial year, in the first half of the previous financial year 2018-19 it was USD 14.9 billion.
China has the highest foreign exchange reserve of USD 3,105,000 followed by Japan with USD 1,324,468 (both figures are as on October 2019)
India has the 7th largest foreign exchange reserve in the world.
Category: Economy & Banking Current Affairs