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Forex kitty hits $600bn, adds $105bn in FY21


Forex kitty hits $600bn, adds $105bn in FY21
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Forex kitty hits $600bn, adds $105bn in FY21
Mumbai: India’s foreign exchange reserves is likely to have crossed a new record of $600 billion in the first week of June, RBI governor Shaktikanta Das said on Friday. Officially, however, the weekly numbers released by the RBI pegged reserves at $598.2 billion as on May 28, which is also a record. India has seen an accretion of nearly $105 billon over the last year, with $5.3 billion added during the last week of May.
Das said, with reserves at this level, the central bank has enough ammunition to meet possible challenges arising out of global spillovers. The governor was referring to the possibility of large capital movements if the US starts to normalise its monetary policy in the wake of economic recovery and inflation pressures. Forex reserves are closely watched by policymakers given that it had dropped to $5.8 billion in 1991 when India had a balance of ....

Shaktikanta Das , Business News , வணிக செய்தி , அந்நிய செலாவணி ,