India forex reserves cross $450bn for the first time ever. Consumer confidence in India dipped to a five-year low in November.
A Not-So Bright Future: Consumer confidence in India dipped to a five-year low in November as per the Reserve Bank of India’s consumer confidence survey released on Thursday.
The current situation index fell to 85.7 in November from 89.4 in September, as per the survey where 100 is the dividing line between pessimism and optimism. The future expectations gauge, which takes into account the one-year ahead perceptions fell to 114.5 from 118.0.
Good to Know: The survey was conducted in 13 major Indian cities including Delhi and Mumbai. It obtained data from 5,334 households across these cities on perceptions and expectations on the general economic situation, the employment scenario, the overall price situation and own income and spending. It said most respondents perceived prices as having increased during the last one year, and they expect a further rise in prices in the year ahead while households’ sentiments on overall spending remained resilient. Financial Express
In a first, India's foreign exchange reserves crossed the $450bn on the back of strong inflows which enabled the central bank to buy dollars from the market, thus checking any sharp appreciation of the rupee.
“India’s foreign exchange reserves were at $451.7 billion on December 3, 2019 — an increase of $38.8 billion over end-March 2019,” RBI Governor Shaktikanta Das said at the post monetary policy press conference. At $451.7 billion, the country’s import cover is now over 11 months.
Also This: Net foreign direct investment rose to $20.9bn in the first half of 2019-20 vs $17bn a year ago while net foreign portfolio investment was $8.8bn in April-November 2019 as against net outflows of $14.9bn in the same period last year. The Hindu
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