New Delhi: India's foreign exchange reserves have reached record highs once again. According to the latest data of the Reserve Bank, the foreign exchange reserves have reached a level of $ 513.25 billion with a huge surge of $ 6.47 billion. According to the Reserve Bank, gold reserves increased by $ 495 million to $ 34.02 billion during this period. These figures are for the week ending July 3. Earlier in the week ended 26 June, the country's foreign exchange reserves had increased by $ 1.27 billion to reach $ 506.84 billion.
For the first time in the week ending June 5, the country's foreign exchange reserves had crossed the $ 500 billion level. It had reached $ 501.70 billion with a huge jump of $ 8.22 billion. According to the Reserve Bank of India (RBI), the country's foreign exchange reserves increased by $ 64.9 billion during FY 2019-20, compared to a decline of $ 11.7 billion during FY 2018-19. The foreign exchange reserves of India have exceeded many developing countries of the world.
The increase in foreign exchange reserves is good for the economy of any country. It consists mostly of dollars in the form of currency. Trading is done worldwide through dollars. The Indian currency in dollar ratio is more than 75 rupees. This means that the price of one US dollar is more than 75 rupees.
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