New Delhi: In the week ended June 12, once again India’s foreign exchange reserves have achieved a new status. In fact, an increase of $ 5.942 billion has been recorded in this week. According to data released by the Reserve Bank of India (RBI), the total foreign exchange reserves have reached $ 507.64 billion. Similarly, gold reserves rose by $ 82.1 million to $ 33.173 billion in the week.
This is the second consecutive week when foreign exchange reserves have crossed 500 billion dollars. For the first time in the week ending June 5, foreign exchange reserves had crossed this psychological level. This is a comforting news in the midst of the Corona crisis. If you compare India’s foreign exchange reserves with other countries, then it has reached number three after China and Japan. According to economists, the reason for the increase in foreign currency reserves is the reduction of current account deficit in addition to more capital investment. Business activities have slowed down due to disruptions caused by the corona virus epidemic. This accumulated amount of foreign exchange reserves is equal to the expense of one year’s import.
On the one hand the foreign exchange reserves are increasing, on the other hand, the rupee is constantly weakening. On Friday, the rupee fell six paise to close at 76.20 against the dollar. Let me tell you that most of the business at the international level is through dollars. In such a situation, if the dollar is strong then rupees have to be spent more for any kind of business.
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