India forex reserves soar to record $473 billion

[kaykay]

The country's foreign exchange reserves rose by $1.701 billion to a lifetime high of $473 billion in the week to February 7 on account of increase in foreign currency assets, according to RBI data.
In the previous week, the foreign exchange reserves had swollen by $4.607 billion to $471.3 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $1.938 billion to $439.186 billion.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
In the reporting week, gold reserves declined by $218 million to $28.779 billion.

The special drawing rights with the International Monetary Fund (IMF) were down by $2 million to $1.436 billion.

The country's reserve position with the IMF was down by $16 million to $3.599 billion, the data showed.

https://www.moneycontrol.com/news/b...erves-soar-to-record-473-billion-4946631.html

 

[d00od00o]

Only $473 billion? Doesn't India want to compete with China? China has eight times the amount of foreign reserves.

 

[suyog chavan]

Only $473 billion? Doesn't India want to compete with China? China has eight times the amount of foreign reserves.

Wait mann .
what's the hurry .
and now do I have to give PAKISTAN's forex reserve data ,
no mann I can't stoop that low.

 

[That Guy]

Only $473 billion? Doesn't India want to compete with China? China has eight times the amount of foreign reserves.

China also has a 14 trillion dollar economy, compared to India's 2.7 trillion dollar economy.

In context, having forex reserves at this level is actually pretty great.

Also, competition is more than economic size. The soviets were able to compete with the western bloc, despite having a far smaller economy.

 

[d00od00o]

China also has a 14 trillion dollar economy, compared to India's 2.7 trillion dollar economy.

In context, having forex reserves at this level is actually pretty great.

Also, competition is more than economic size. The soviets were able to compete with the western bloc, despite having a far smaller economy.

You forgot to mention that China doesn't have Modi and Vedic technologies.