Forex Highs In India & Russia
Russia and India but enjoyed an increase in their foreign exchange reserves in the week closing April 22, 2005. Both countries attained a record high with Russia hitting at USD141.3bn and India at USD142.54bn.
India experienced three weeks of high marginal inflows prior to that caused by the revaluation of international currencies and some inflows like remittances. India’s gold reserves were maintained at USD4.5bn alongside its SDRs at USD5mn while its foreign currency assets rose to USD1.36bn and IMF reserve tranche position set at USD1.43bn during the said period of April.
On the other hand, Russia’s foreign exchange reserves have increased by 3% in the three weeks before April 22, also somewhat similar to that of India’s. This has continuously boosted their gold and currency reserves, which are expected by their central bank and trade ministry at USD175bn by the end of the year, and increase simultaneously from USD202bn to USD210bn by 2006 and to USD223bn by 2007.
Source: Foreign Exchange Reserves Up By $1 Bn, ChennaiOnline.com; Central Bank Boosts Foreign Exchange Reserves, RBCnews.com
India experienced three weeks of high marginal inflows prior to that caused by the revaluation of international currencies and some inflows like remittances. India’s gold reserves were maintained at USD4.5bn alongside its SDRs at USD5mn while its foreign currency assets rose to USD1.36bn and IMF reserve tranche position set at USD1.43bn during the said period of April.
On the other hand, Russia’s foreign exchange reserves have increased by 3% in the three weeks before April 22, also somewhat similar to that of India’s. This has continuously boosted their gold and currency reserves, which are expected by their central bank and trade ministry at USD175bn by the end of the year, and increase simultaneously from USD202bn to USD210bn by 2006 and to USD223bn by 2007.
Source: Foreign Exchange Reserves Up By $1 Bn, ChennaiOnline.com; Central Bank Boosts Foreign Exchange Reserves, RBCnews.com
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