India Business News: The country's foreign exchange reserves crossed the $600 billion mark for the first time after increasing by $6.842 billion in the week ended June 4,
Foreign Exchange Reserves Hit Record High, Cross $600 Billion Mark The reserves surged to a record $605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA).
Updated: June 11, 2021 7:30 pm IST
In the previous week ended May 28, 2021, the reserves had swelled by $5.271 billion to $598.165 billion.
The country s foreign exchange reserves crossed the $600 billion mark for the first time after increasing by $6.842 billion in the week ended June 4, RBI data showed on Friday.
The reserves surged to a record $605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).
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Sputnik International
India Beats Russia in Forex Reserves; Now 4th Behind China, Japan and Switzerland
By
Quad summit 2021
India has stepped ahead of Russia in terms of the size of foreign exchange reserves held by the central bans of the world. By edging out Russia from the 4th place, India is just behind China, Japan and Switzerland, according to the latest tally.
Though India s forex reserves slipped from the peak of $590 billion it hit in the last month, it s ahead of Russia currently, with $580.3 billion as against Russia s $580.1 billion, Bloomberg reported.
Volatile Times
The bulging of India s forex kitty in recent times was caused by the central bank s move to keep dollars in order to protect the economy against sudden outflows in the volatile times.