forex reserve climbed high

Foreign exchange reserves exceed $ 534.6 billion

• This figure is considered to be the all time high.
• The Reserve Bank governor gave detailed figures on July 31.

At the end of the week ended July 31 this year, foreign exchange reserves rose by $ 11.94 billion to $ 534.6 billion. Reserve Bank Governor Shaktikant Das said the surplus was equivalent to 13.4 months of import expenditure. This forex reserve was called the All Time High.

He said the foreign exchange reserves had increased by $ 56.8 billion in the 2020-21 financial year as on July 31. For the week ended July 24, forex reserves rose by $ 4.993 billion to $ 522.630 billion. For the first time since the week ended June 5, the country's forex reserves had crossed $ 500 billion. Shaktikant Das further said that the FCA of foreign exchange increased in the week ended July 31, which also led to a significant increase in foreign exchange reserves. This has led to a sharp rise in foreign exchange reserves. Never before has the figure of a forex reserve reached such a height.

If this figure and these foreign exchange reserves last for a long time, the country's business industry could benefit greatly.