Reserve Financial institution of India (RBI) Governor Shaktikanta Das on Friday mentioned India’s overseas change (foreign exchange) reserves could have crossed document degree of $600 billion on the again of strong capital flows.
As per the RBI’s knowledge issued on Might 28, the nation’s overseas change reserves rose by $2.865 billion to a document excessive of $592.894 billion for the week ended Might 21, boosted by gold and foreign money belongings.
“Based mostly on the present estimation, we consider that our foreign exchange reserves could have crossed $600 billion,” he mentioned whereas asserting the bi-monthly financial coverage overview.
To spice up 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 is able to assist in calming yields and management undue volatility confronted by market members within the authorities securities market.
Through the second quarter of the present fiscal, the RBI mentioned it’ll 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 will likely be introduced later, he mentioned.
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