India becomes 4th largest forex reserves holder globally; forex touches record high of $612 billion.
- India’s foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021, the Reserve Bank of India (RBI) data showed on Friday.
- According to weekly data from the RBI, forex reserves rose to a record $612.73 billion in the reporting week, helped by a rise in Foreign Currency Assets (FCA), a major component of the overall reserves.
- India’s forex reserves cover Foreign Currency Assets (FCAs), Special Drawing Rights (SDRs), Gold Reserves and the country’s reserve position with the International Monetary Fund (IMF).
- The growth in foreign exchange reserves was largely due to an increase in Foreign Currency Assets (FCA). According to RBI’s weekly data, FCAs rose by $463 million to $568.748 billion.
- Gold reserves were up by $377 million to $37.333 billion. The Special Drawing Rights (SDR) with the International Monetary Fund (IMF) were up by $1 million at $1.548 billion.
- The country’s reserve position with the IMF declined by $7 million to $5.1 billion during the reporting week, the data showed.
- What is Foreign Exchange Reserve?
Ans. Foreign exchange reserves are important assets held by the central bank in foreign currencies as reserves. They are commonly used to support the exchange rate and set monetary policy. In India’s case, foreign reserves include Gold, Dollars, and the IMF’s quota for Special Drawing Rights. Most of the reserves are usually held in US dollars, given the currency’s importance in the international financial and trading system. Some central banks keep reserves in Euros, British pounds, Japanese yen or Chinese yuan, in addition to their US dollar reserves.
Weightlifter Mirabai Chanu Wins India's First Medal at Tokyo Olympics, Bags Silver In Women's 49kg.
- On 24th July, 2021 Mirabai Chanu of India clinched a silver medal in weightlifting in the 49kg category in Tokyo 2020 Olympics.
- Mirabai Chanu ended India’s 21-year wait for a weightlifting medal at the Olympics by clinching a silver medal in the 49kg category to open the country’s account here on Saturday.
- The 26-year-old lifted a total of 202kg (87kg+115kg) to better Karnam Malleswari’s bronze in the 2000 Sydney Olympics.
- With this, she exorcised the ghosts of the 2016 Games where she had failed to log a single legitimate clean and jerk lift.
- The gold went to China’s Hou Zhihui with an effort of 210kg (94kg+116kg), while Windy Cantika Aisah of Indonesia took home the bronze with an effort of 194kg (84kg+110kg).
Mirabai belongs to which state?
Ans. Mirabai Chanu is a native belonging to Manipur state Imphal. She is a native from NE side of the country and has been staying with her parents in her home town Imphal (Manipur).
Which year mirabai win silver medal in weightlifting in Olympic.
Ans. On 24th July, 2021 Mirabai Chanu of India clinched a silver medal in weightlifting in the 49kg category in Tokyo 2020 Olympics.