Despite Indian Forex Reserves Crossing $500 Bn Mark,₹upee Worst performing Asian Currency
India’s foreign exchange (Forex) reserves has crossed the $500 Billion for the first time in history as per Reserve Bank of India in the data released for the week ending 12th June 2020. Current Forex reserves are good enough to take care of India’s import bills for an entire year.
Foreign exchange reserves are external assets accumulated by a country in the form of gold, Special Drawing Rights (SDR – an asset created by International Monetary Fund) and Foreign Currency Assets that include Foreign Direct Investment, capital influx into the capital market and external commercial borrowing.
Maintaining adequate Forex reserves helps a country to negate currency liquidity issues and also absorb economic shocks in the times like these when borrowing is largely curtailed.
Despite the reserves crossing $500Bn Indian Rupee continues to be the word performing currency in the Asian market, a conundrum that no one seems to know why.
India on Ladakh Border: Talks with China fruitful
In the first official confirmation of mutual pulling back of troops in Eastern Ladakh, Army Chief Gen M M Naravane said that military talks between India and China over the border row have been “very fruitful”and both the armies are “disengaging” in a phased manner beginning from Galwan Valley.
The Chief of Army Staff also said “the entire situation” has been under control along India’s borders with China and exuded confidence that the ongoing dialogue will “settle” all the perceived differences over the de-facto Sino-India boundary.
The Indian and Chinese armies are locked in an over five-week standoff in Pangong Tso, Galwan Valley, Demchok and Daulat Beg Oldie in eastern Ladakh. A sizeable number of Chinese Army personnel even transgressed into the Indian side of the de-facto border in several areas including Pangong Tso.
AIADMK moves High Court seeking 50% reservation for OBCs in medical seats
AIADMK moves HC seeking 50% reservation for Other Backward Castes (OBCs) in medical seats. The ruling AIADMK and the MDMK in Tamil Nadu have moved the Madras High Court seeking 50 per cent reservation to Other Backward Classes in seats for medical and dental courses surrendered by the state towards the all-India quota.
In the affidavit, the AIADMK found fault with the Centre and said it was denying reservation in state surrendered seats to All India Quota in the year 2018-19 and 2019-20, adding that only 220 OBC candidates were admitted to PG courses while they had a claim over 2,152 of the 7,982 seats and only 66 OBC students were admitted in the under-graduate courses.
Alleging that out of 8,800 seats surrendered by States, not a single seat was given to OBCs, the AIADMK in its petition said all the seats were transferred to the general category which was unjustified and unconstitutional.
Shahid Afridi tests positive for COVID-19
Former Pakistani Cricket captain Shahid Afridi on Saturday revealed that he has tested positive for COVID-19, becoming the first high-profile cricketer to be infected with the deadly virus.
Another former Pakistani Cricketer Taufeeq Umar, had also tested positive for COVID 19 but he recovered earlier this month.
At least two Pakistani first-class players have died from the infection with leg-spinner Riaz Sheikh passing away in Karachi earlier this month.Sheikh, a leg-spinner who took 116 wickets in 43 matches, died in his home.
Another Pakistani first-class player, Zafar Sarfaraz, 50, died due to the virus in April in Peshawar.