Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday mentioned India’s overseas change (foreign exchange) reserves might have crossed file stage of $600 billion on the again of sturdy capital flows.
As per the RBI’s knowledge issued on May 28, the nation’s overseas change reserves rose by $2.865 billion to a file excessive of $592.894 billion for the week ended May 21, boosted by gold and forex property.
“Based on the current estimation, we believe that our forex reserves may have crossed $600 billion,” he mentioned whereas asserting the bi-monthly financial coverage evaluate.
To enhance liquidity, the RBI introduced a number of steps together with a particular liquidity facility for numerous sectors impacted by the COVID-19 pandemic.
The central financial institution additionally introduced G-sec Acquisition Programme (G-SAP) 2.0 which can assist in calming yields and management undue volatility confronted by market contributors within the authorities securities market.
During the second quarter of the present fiscal, the RBI mentioned it can buy Rs 1.20 lakh crore of G-sec from the secondary market, as a part of G-SAP 2.0.
RBI will purchase Rs 40,000 crore of presidency securities on June 17, and the remaining schedule might be introduced later, he mentioned.
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