On march 31 1991 india had foreign exchange reserves of 583 billion that could finance not even 35 months of imports. The biggest jump in reserves was witnessed between 2007 and 2008 when the kitty bulged 55 to hit 3092 billion.
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In 1991 it stood at just 58 billion.
Indias forex reserves since 1991. Foreign exchange reserves of india reach! ed milestone of 100 billion mark only in 2004. Sdrs imf forex rtp. India was forced to sell dollars to the extent of close to u35 billion in the spot markets in financial year 2009 due to 22 depreciation in rupee against the dollar in the same fiscal year 2009.
The reserves which stood at us 58 billion at end march 1991 increased gradually to us 252 billion by end march 1995. On march 31 1991 india had foreign exchange reserves of 583 billion that could finance not even 35 months of imports. Usd mn data is updated monthly available from apr 1989 to may 2019.
Now 25 years later forex reserves are at a record high. The data reached an all time high of 3994 usd bn in mar 2018 and a record low of 11 usd bn in jun 1991. Indias foreign exchange reserves.
An analysis of foreign exchange reserves in india since 2001 2016 saba abid neelam jhawar 4490 shahtara street ajmeri gate delhi 110006 abstract. Review of growth ! in reserves since 1991 indias foreign exchange reserves have g! rown significantly since 1991. This page provides the latest reported value for india foreign exchange reserves plus previous releases historical high and low short term forecast and long term prediction economic calendar survey consensus and news.
The level of forex reserves has steadily increased from us 58bn in 1991 to us 349bn in 2015. Usually import coverage of 7 8 months is considered sufficient. The reserve bank of india provides monthly foreign exchange reserves in usd.
The period of the study is defined from 2011 to 2016 and is based on secondary data. Introduction in simplest. Twenty years later on the same day the reserves stood at 30482 billion.
Twenty years later on the same day the reserves stood at 30482 billion. From the above chart its seen that indias forex reserves have increased significantly since 1991. The study is aimed at analysing the trend in foreign exchange reserves and its compone! nts in india.
With indias foreign exchange reserves at 12 billion in january 1991 and depleted by half by june barely enough to last for roughly 3 weeks of essential imports india was only weeks away from defaulting on its external balance of payment obligations. As of 24 june the countrys forex reserves are at 3608 billion.
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