Discussion
According to RBI, India’s forex reserves rose to which record high?
Answer: A
Correct answer: USD 372.73 billion
Foreign exchange reserves of USD 372.73 billion were a record at the time, built up through the RBI's purchases of foreign currency in a period of strong capital inflows.
Reserves serve as a buffer against external shocks and give the RBI the means to smooth disorderly movements in the rupee. Accumulating them has a domestic consequence, though: buying foreign currency injects rupees into the system, so the RBI sterilises the effect through open market sales of government securities.
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