The stellar growth that the foreign exchange reserve of India has witnessed is testimony to the fact that there is no dearth of good will for the future of the Indian economy. This coming on the backdrop of the worst economic depression in decades is even more commendable. Such positive news can be promoted if they find a place in the daily newspaper prominently. This is a sample letter to the Editor of local newspaper highlighting the rise of Foreign Exchange Reserve in India. The letter can be modified according to need and preference.
To
The Editor
Newspaper Name
Newspaper Address
Subject: Rise of Indian Foreign Reserve
Sir/Madam,
Through
the columns of your esteem daily, I would like to draw the attention of the
general public and regular readers on the significant growth of the foreign
exchange reserve of India. In this time of the corona virus pandemic when there
is despair and depressing news everywhere, the success story of Indian forex
reserve is a pleasant and much needed change. Though the economy has had to
bear the worst recession of many decades, still the glamour of hope this news
brings is refreshing and deserves much more coverage than it is receiving.
According to the latest weekly data released by RBI, the Indian foreign exchange reserve just hit a life time high of $555.12 billion after it surged by $3.615 billion in the week ended October 16, 2020. By the end of March 2014, Indian foreign reserve was $304.2 billion. Due to the dominance of the currency in the international financial system, most our foreign reserves are shored up in the form of US dollars. The increase in the Indian foreign reserves can be attributed to the increase in FDI and the fall in the price of oil in international market.
The increasing foreign exchange reserve gives the government and RBI necessary cushion and comfort to deal with the external and internal financial issues, especially at a time when the economy is not on a strong footing. This rise in the reserves has helped the rupee to strengthen against the dollar as well as help the country to cover its import bill by a year. The RBI which can be viewed as the custodian as well as the manager of the foreign reserves regulates the orderly movement of rupee by selling dollars when rupee weakens and buying dollars when the rupee strengthens.
If there is any disruption in the foreign capital inflows due to crisis, then the foreign exchange reserves help to provide support and minimize the vulnerability. It gives the necessary confidence that despite the disruption, we have enough reserve to sustain the import bill of the country for a year comfortably. Now contrast this to the situation in 1990 when the Indian Foreign reserve was just about enough to cover 4.8 weeks of import. Above all, the increase in the reserves signals that there is ample faith in the future of the economy and the Indian growth story, which may be temporarily halted, but is not over yet.
Hoping that my letter finds a place in your newspaper
Yours Sincerely,
Your Name
Your Address
Date:
Place:
You may also like:
Write a letter to the Editor of a newspaper about the importance of National Girl Child Day
0 Comments