The country’s foreign exchange reserves crossed $600 billion for the first time in four months

Mumbai: India’s foreign exchange reserves have increased to US $ 604 billion on December 1. For the first time in four months, foreign exchange reserves have crossed 600 billion dollars. Earlier on August 11 this year, foreign exchange reserves were above $600 billion.

Announcing the bi-monthly monetary policy for December, Reserve Bank of India Governor Shaktikanta Das said on Friday, “India’s foreign exchange reserves were $ 604 billion as of December 1, 2023.” With this, we can easily meet our external financing needs.” Earlier, in the week ending November 24, the foreign exchange reserves were 597.93 billion dollars.

In October 2021, the country’s foreign exchange reserves reached an all-time high of $642 billion. After this, the central bank used this reserve to protect the rupee from pressure due to global developments since last year, which led to a reduction in foreign exchange reserves. Das said that despite rising bond yields in the US and a strong American currency, the volatility of the Indian rupee in the calendar year 2023 has been less compared to the currencies of other emerging economies. Also, read this.