1st time India’s forex reserves cross $450 billion

The country’s foreign exchange reserves crossed the $450-billion mark for the first time ever on the back of strong inflows which enabled the central bank to buy dollars from the market, thus checking any sharp appreciation of the rupee. India’s foreign exchange reserves were at $451.7 billion on December 3, 2019, an increase of $38.8 billion over end-March 2019.

The Reserve Bank has always maintained that it intervenes in the foreign exchange market to curb volatility and does not target a particular level of the exchange rate.

Source: The Hindu

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