India’s Foreign Exchange (Forex) reserves have crossed the US dollar 500 billion mark for the first time in history. The data released by the Reserve Bank of India has showed that Forex has reached at US dollar 501.7 billion in the week ending on 12 June. This was a result of the Forex reserves rising by US dollar 8.22 billion in a single week.
Earlier the Forex reserves had risen by US dollar 3.43 billion in the last week of May to record the now surpassed all-time-high figure of US dollar 493.48 billion.
With this, India joins a select league of countries such as China (with $3 trillion reserves as at April-end), Japan ($1.37 trillion as at May-end), Switzerland ($825 billion as at April-end) and Russia ($566 billion as at May-end) that have more than $500 billion in reserves.
India’s reserves consist of Foreign Currency Assets ($463.63 billion), Gold ($32.35 billion), Special Drawing Rights ($1.44 billion) and Reserve Position in the IMF ($4.29 billion).
Post Your Comments