LawLoveLegal

India's Forex Reserves Reach Record High of USD 675 Billion India's foreign exchange reserves have surged to a record high of USD 675 billion, with a notable increase of over USD 50 billion in 2024 alone. The latest figures, released for the week ending August 2, show a rise of USD 7.533 billion, pushing the reserves to a new peak of USD 674.919 billion, surpassing the previous record of USD 670.857 billion.  What Are Foreign Exchange Reserves? Foreign exchange reserves (forex reserves) are assets held by a nation's central bank or monetary authority. They are typically held in reserve currencies such as the US Dollar, Euro, Japanese Yen, and Pound Sterling. These reserves are used to manage the exchange rate and ensure economic stability. Importance for Developing Economies For a developing nation like India, forex reserves play a crucial role in maintaining economic stability. Key functions include: - Buffer Against External Shocks: Adequate reserves help cushion the eco...

Market Mayhem: Sensex and Nifty Plummet as NDA Falls  Short of 300-Seat Mark The stock market experienced a significant downturn on Tuesday as the Bharatiya Janata Party (BJP) struggled to secure a decisive lead in the ongoing national election results.  Election Results Impact Market Sentiment By 11 AM, it became clear that the BJP, on its own, was unlikely to cross the halfway mark, although it is certain that with allies, the National Democratic Alliance (NDA) will form the government at the center. The idea of a coalition government led by the BJP has led to widespread market anxiety and a sharp decline in stock indices. Sharp Decline in Sensex and Nifty Since the opening of trading on Tuesday, investor sentiment has been notably bearish. The Bombay Stock Exchange's benchmark Sensex plummeted by 3905.15 points, while the Nifty 50 index suffered a substantial drop, falling 1061.05 points by 11 AM. Sector-Wide Declines The decline in stocks was widespread, affecting various ...