Synopsis
Of the $28 billion added to India’s foreign exchange reserves during April-June, $20 billion is through export earnings, while $8 billion got added on account of valuation gains, the Reserve Bank of India (RBI) data shows.
By Gayathri NayakMUMBAI: India’s external account is seeing its best year since the balance of payments (BoP) crisis in 1991 as Covid-induced shutdown slowed import demand from the manufacturing sector while the services sector performed well; that funded imports without the use of capital flows.Of the $28 billion added to India’s foreign exchange reserves during April-June, $20 billion is through export earnings, while $8 billion got added on
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