Friday, April 4, 2014

India's Forex Reserves Cross $300 Billion Mark

It is a good news that India's foreign exchange reserves have witnessed a jump of a staggering $5 billion, with the total reserves now crossing $300 billion. 

It may be noted that it is after 2 years that India's forex (foreign exchange) reserves have reached this level. Last time they touched this $300 billion plus mark was way back in December 2011. 

Two main factors to which this achievement has been attributed are - a.) selling og the Indian govt's 9 per cent stake in Axis Bank, and b.) buyback of forex that were given to oil companies in 2012. 

Now let's hope that we are able to make an effective use of this kitty.

1 comment:

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