Forex reserves hit a new high of 17 517.63 billion

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Mumbai, Dt. 25 July 2020, Saturday

The country's forex reserves are steadily increasing. For the week ended July 15, forex reserves rose by ૨૭ 1.2 billion to a new high of ૭ 313.5 billion. Foreign currency assets, the main component of the forex reserves, rose by ૨૪ 1.2 billion to ૮૮ 2.3 billion, according to Reserve Bank data.

Gold reserves rose by ૧ 1.60 million to ૭૩ 2.8 billion. Adequate forex reserves have reduced the risk of rupee depreciation. A strong forex reserve will make it easier for Indian corporates to raise money from abroad, a Reserve Bank official said. In case of any depreciation of the rupee against the dollar, the Reserve Bank of India (RBI) is able to ease its reserves up to ૫ 20 billion. The reserve is being supported by lower import bills.

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