India's foreign exchange reserves are on the way to new heights. According to the data released by the Reserve Bank of India (RBI), the foreign exchange reserves increased by $ 5.94 billion (about 45 thousand crores) during the week ended June 12. With this, it has reached a record level of $ 507.64 billion (about Rs 38 lakh crore). Earlier in the week under review, foreign exchange reserves crossed $ 500 billion for the first time. During the week ending June 5, it had increased by $ 8.22 billion (about 60 thousand crores).
For your information, let us tell you that during the reporting period, foreign currency assets accounted for the largest share in the country's foreign exchange reserves. During this period it increased by $ 51.06 billion to $ 468.73 billion.
According to experts, the foreign exchange reserves are increasing continuously due to increased investment in the capital market and decreasing current account deficit. Economic activity has been sluggish due to the Corona crisis. This has a positive impact on the current account deficit. Experts say that the current foreign exchange reserves are sufficient for one year's imports.
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