Finance
DoggfatherIndia's Forex Reserves Surge $14 Billion, Total Hits $701 Billion
Yo, peep this! India's foreign exchange reserves just leveled up by $14 billion in the week ending January 16, hitting a sweet $701 billion. The RBI worked some magic with a $10 billion swap, while gold prices blinged up by 7.3%. The rupee took a little dip, but India's got over 11 months of goods imports covered, fo' shizzle!
few days ago | Anjali Kumari
Quick rundown
1.India's forex reserves saw a $14 billion boost in one week.
2.Foreign currency assets climbed by $9.6 billion.
3.Gold reserves increased by $4.6 billion, aiding the reserve rise.
4.A $10 billion buy-sell swap and gold price rise drove the increase.
5.Forex reserves provide over 11 months of import cover for India.
