RBI Governor Shaktikanta Das said India’s forex reserves may have surpassed a new high of USD 600 billion as a result of strong capital flows.
According to statistics released by the RBI on May 28, the country’s foreign exchange reserves increased by USD 2.865 billion for the week ended May 21, reaching a new high of USD 592.894 billion, driven by gold and currency assets. “Based on the current estimation, we believe that our forex reserves may have crossed USD 600 billion,” he stated while announcing the bi-monthly monetary policy review.
The RBI announced numerous measures to increase liquidity, including a special liquidity facility for key industries affected by the COVID-19 outbreak.
G-sec Acquisition Programme (G-SAP) 2.0 was also launched by the central bank, which will serve to calm yields and prevent excessive volatility in the government securities market. The RBI said that as part of G-SAP 2.0, it will acquire Rs 1.20 lakh crore of G-sec from the secondary market in the second quarter of this fiscal year.
On June 17, the RBI would acquire Rs 40,000 crore in government securities, with the rest of the programme to be announced subsequently, he added.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.
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