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India’s Forex Reserved Jumped to All-Time High of $481.5 Billion

Published on March 08, 2020
Current context: RBI data showed that India’s foreign exchange reserves jumped to hit a new all-time high of $481.54 billion in the week ended 28th February 2020.
India’s Forex Reserved Jumped to All-Time High of $481.5 Billion
  • Finance Minister Nirmala Sitharaman announced a cut in corporate tax rates on 20th September 2019 and since then the reserves have been rising week-on-week.
  • This is the 23rd consecutive week of the rise in India’s foreign exchange reserves.
  • On 20th September 2019, the country’s forex reserves stood at $428.5 billion, and have grown by $53 billion to a lifetime high of $481.5 billion on 28th Feb 2020.
  • The fall in global crude prices has played an important role as a $20 drop saves India $30 billion per annum.
  • Due to the coronavirus outbreak, there is a sharp decline in Brent crude oil prices, currently trading at around $45.2 per barrel, the lowest since June 2017.
  • RBI data showed that foreign currency assets, a major component of the overall reserves, rose by $4.36 billion to $445.82 billion in the reporting week.
  • And, the gold reserves rose by $1.02 million to $30.38 billion.

Question: 

Q.1 India’s foreign exchange reserves jumped to hit a new all-time high of $_________ billion in the week ended 28th February 2020?
a. 416.7
b. 498.5
c. 428.3
d. 481.5
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