Insta
After Crossing Historic $500 Billion Mark, India's Foreign Exchange Reserves Further Rise To $507.64 Billion
The Reserve Bank of India (Credits: Times of India)
In its continuing upsurge, the Indian forex reserves which had surpassed the historic and landmark figure of $500 billion in the week ending on 5 June has further risen to $507.64 billion, reports Financial Express.
Since the week ending on 5 June, the nation's forex reserves which are managed by the Reserve Bank of India (RBI) have swelled by $5.94 billion (Rs 58,460 crore). One of the major component of the forex reserves, foreign currency assets have surged by $5.1 billion in the week ended 12 June while the gold reserves have surged by $821 million.
Foreign reserves include foreign currency assets, gold reserves, special drawing rights (SDR), and reserve position in the IMF.
One of the major reasons behind the rise in reserves amid the global economic chaos is the high foreign investments that the nation has been able to attract during this period.
It should be noted that even as there are 10 days remaining in June, the month so far has witnessed Foreign Portfolio Investments (FPIs) in India surge to a seven-month high of Rs 18,000 crore.
India today holds the fifth-highest quantum of forex reserves in the world.
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