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India’s Gold Reserves Jump 12 Per Cent In Past Two Months; Forex Reserves Reach All-Time High Of $481 Billion
Swarajya Staff
Mar 07, 2020, 12:36 PM | Updated 12:36 PM IST
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In a vital development, the nation’s forex reserves jumped to an all-time high of $481 billion from the previous week’s $476 billion, reports Financial Express.
It should also be noted that the nation’s gold reserves have witnessed a surge of more than 12 per cent over the past two months, shooting up from December 2019’s figure of $27.4 billion to $30.7 billion at the end of February.
In Rupee terms, the forex reserves have reached a figure of Rs 34.75 lakh crore, of which Rs 2.2 lakh crore is made up by the gold reserves. Meanwhile, a major chunk of the rest is made up by the foreign currency assets which stand at Rs 32.2 lakh crore.
The surge in the nation’s forex reserves significance as they serve as back funds in times of emergencies and contingencies. These are also used to maintain liquidity in the times of an economic crisis, or a foreign obligation.
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