Mumbai: – The country’s foreign reserves increased by $3.07 billion in one week, reaching $608.08 billion. Currently, India is among the top four nations in respect of foreign reserves. India and Russia stand joint fourth on the list.
In the week ending 11th June, the foreign reserves crossed $608 billion. In the week ending 4th June, the foreign reserves stood at $605 billion. There was an increase of $2.567 billion in the foreign exchange reserves; the Gold value increased by $496 million. The total value of the gold stocks in the country has reached $38.101 billion.
The foreign reserves are consistently increasing even during the Coronavirus crisis, which indicates that the Indian economy is strong. The current level of foreign reserves can pay for imports for one full year. At the end of May, the foreign reserves crossed the $600 billion mark; this is a historical achievement in itself. In 1991, India had foreign reserves of a meagre $6 billion; the country had to pledge the Gold in its possession to fulfil its economic needs. It has been a major turnaround from that state to the current healthy state of the economy.