India has forex reserves for 7 months imports: Economic Survey

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India has forex reserves for 7 months imports: Economic Survey By TII News Service Feb 27, 2013 , New Delhi
THE Economic Survey 2012-13 presented by the Union Finance Minister, Mr P. Chidambaram, in the Lok Sabha today has stated that the Foreign Exchange Reserves in the current fiscal, on month-on-month basis remained in the range of USD 286.0 billion (at end-May 2012) to USD 295.6 billion (at end-December 2012). By end of December 2012, reserves stood at USD 295.6 billion, indicating a marginal increase of USD 1.2 billion from USD 294.4 billion in March, 2012. At this level, reserves provided about seven months of import cover, the Survey observes. India's foreign exchange reserves comprise foreign currency assets (FCA), gold, special drawing rights (SDRs) and reserve tranche position (RTP) in the International Monetary Fund (IMF). The level of foreign exchange reserves is largely the outcome of the Reserve Bank of India (RBI) intervention in the foreign exchange market to smoothen exchange rate volatility and valuation changes due to movement of the US dollar against other major currencies of the world.

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