India’s Foreign Exchange Reserves Rise to Record $507 Bn

  • 2020-07-06 12:00:00
  • Reporter

In June, India's forex reserves rose to hit a life-time high of $507.6 billion, boosted by a significant rise in foreign currency assets, according to the Reserve Bank of India (RBI), the country’s Central Bank.

Economies said the rise in foreign exchange reserves was due to higher capital inflows, as well as the narrowing current account deficit, since trade activities came to a near standstill during the period, as a result of the coronavirus-related lockdown.

India’s gold reserves increased by $821 million to $ 33.17 billion in June.

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