Forex reserves cross $600 billion: Das

Reserve Bank of India (RBI) Governor Shaktikanta Das said today that the country’s foreign exchange reserves reached $ 598.2 billion in the week ended May 28 and there are signs of it crossing $ 600 billion in the week ending today. In the course of giving information about the decisions of the Monetary Policy Committee of RBI, he said that in the week ended May 28, the foreign exchange reserves have reached $ 598.2 billion. Its figures will be released on the central bank’s website this evening.

“There are indications that forex reserves have crossed $600 billion this week, but we will have to wait for confirmation of the figures,” he said. This week’s figures will be released next Friday. It provides the confidence to face the challenge in the event of any global upheaval.

It is noteworthy that for the week ended May 21, the foreign exchange reserves stood at $ 592.9 billion. Thus, during the week ended May 28, there has been a tremendous increase of $ 5.3 billion.

At present, only China, Japan, Switzerland and Russia have foreign exchange reserves of more than $ 600 billion. China ranks first with $3,198 billion, while Russia is only slightly ahead of India with $605 billion.