India has joined the list of countries with foreign exchange reserves of $600 billion. According to data received from the Reserve Bank of India, the country’s reserves of foreign exchange increased by $ 6.84 billion to $ 605.01 billion in the week ended June 4. Earlier, in the week ended May 28, it had increased by $ 5.27 billion to a record level of $ 598.16 billion. This is the ninth consecutive week that the country’s reserves of foreign exchange have increased.
India has become the fifth country to have foreign exchange of over $600 billion. In this respect, we lag behind Russia by a small margin. Russia has foreign exchange reserves of $ 605.20 billion. China tops the list with $3,330 billion. Japan is second with $1,378 billion and Switzerland with $1,070 billion.
The central bank said that forex assets, the largest component of foreign exchange reserves, rose by $ 7.36 billion to $560.89 billion during the week ended June 4. During this period, gold reserves declined by $ 502 million to $ 37.60 billion. Reserves with the International Monetary Fund declined by $16 million to $5 billion and special drawing rights by $1 million to $1.51 billion.