Forex Reserve's $ 550 billion level favorable

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Mumbai, Ta. 25 February 2020, Tuesday

For the Reserve Bank of India, the Bank of America considers the reserve $ 8 billion level of forex reserve as a favorable level. The Reserve Bank will be collecting dollars at every opportunity. It has also been expressed that RBI will continue to collect dollars at the expense of the rupee.

At the end of February 7, the forex reserve was at $ 8 billion, with the Reserve Bank buying $ 4 billion so far in the current fiscal year, while selling $ 8 billion in 1-3.

According to Bank of America, the tightest level of forex reserve for the Reserve Bank is $ 4 billion.

The Reserve Bank has adopted a policy of increasing the reserve with the objective of maintaining maximum import cover, fully covering FPI investments and providing adequate cover to India's short-term debt.

The bank has also expressed its view that the reserve bank's $ 1 billion forex reserve may be favorable in view of import cover, FPI investment and short-term debt figures.

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