Replica Photo
YEARS
“A new achievement, India’s foreign exchange reserves reached a historic high of US$ 651.5 billion on May 31,” Das said in his statement announcing the bi-monthly policy review.
Mumbai. Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that India’s foreign exchange reserves have reached an all-time high of $ 651.5 billion as of May 31. Last week, on May 24, it was at $ 646.67 billion. Since then, the total fund has increased by US $ 4.83 billion. Das said in his statement announcing the bi-monthly policy review, “A new achievement, India’s foreign exchange reserves reached a historic high of US $ 651.5 billion on May 31.”
Earlier, on May 17, the foreign exchange reserves had reached an all-time high of US$ 648.7 billion. Foreign exchange reserves are considered one of the key factors representing the overall strength of the economy in withstanding any external sector disturbances. Das said that the country’s external sector remains combative. Referring to the improvement in the current account deficit (CAD), external debt to GDP ratio and net international investment position, he said that key external indicators continue to improve.
“Overall, we are confident of comfortably meeting our external financing requirements,” he said. The governor said the current account deficit for FY24-25 is likely to remain within its sustainable level. He pointed to support coming from remittances, service exports and a lower trade deficit.
Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.
Other News
