India’s Foreign Exchange Reserves At All-Time High
By IAR Desk
India’s forex reserves jumped to a new all-time high of $651.51 billion for the week ended May 31.
This was revealed according to the latest data released by the Reserve Bank of India.
The increase is estimated to be by $4.837 billion.
Gold reserves, however, fell by $212 million to $56.501 billion during the week ended May 31. The special drawing rights (SDRs) were down $17 million to $18.118 billion.
In the previous reporting week, the overall reserves had fallen by $2.027 billion to $646.673 billion.
While announcing the bimonthly policy review, Shaktikanta Das, the bank’s Governer said that “Touching a new milestone, India’s foreign exchange reserves reached a historical high of $651.5 billion as on May 31.”
Industry experts have lauded this announcement, pointing out that this would fuel India’s economic growth, increase investor confidence, and was proof of the economic stability of the country in the face of global headwind.
A country ‘s foreign exchange reserves are critical and a crucial hedge against disturbances in the external sector.
