| Forex reserves for 2000-2001 jump $5 billion to $42.77billion |
| Here's yet another indicator that the Indian economy is in good shape. According to the figures released by the Reserve Bank of India (RBI) in its weekly statistical supplement (WSS), the total foreign exchange reserves in the country including gold and SDR went up during the fiscal year 1999-2000 to $42.77 billion, thus reaching a new high. |
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| Worldwide Foreign Exchange Reserves (Including Gold and SDR) Source - International Monetary Fund, 1 May 2001 |
| Country Japan China Hong Kong Taiwan S. Korea Germany Singapore USA France India Canada |
| Reserves in Billions of Dollars $361.47 $156.6 $114.6 $106.2 $86.8 $82.302 $77.72 $65.04 $62.59 $42.77 $33.51 |
| The spurt in the forex reserves is mainly due to two factors. Firstly, FII inflows into the country have been robust. Secondly, economists say that the unutilised aid limits are exhausted by the year end, as a result of which, forex inflows tend to spurt during the period. |
| Foreign Exchange Rates: |
| This table shows the foreign exchange rates (per US $) Source - International Monetary Fund |
| YEAR 1970 1975 1980 1985 1990 1991 1992 1993 1994 1995 1996 1997 1998 2000 June, 2002 |
| Indian Rupee (Annual Avarage) 7.576 8.409 7.887 12.369 17.504 22.742 25.918 30.493 31.374 32.427 35.433 36.313 41.259 45.0 49.04 |
| The Indian rupee is significantly, albeit not fully, convertible for current account balances. By and large, the Indian exchange control regime is flexible to allow the market to play an important role in the determination of the exchange rate. The Report of the Committee on Capital Account Convertibility has laid down a road map with specific qualifying criteria for the economy to satisfy in order to make a successful transition to full convertibility. US' Direct Investment in India was $1.256 billion in the year 2000 (worldwide total of $1244.65 billion) compared to $1.402 billion in 1999 (worldwide total of $1130.79 billion). |
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