India’s foreign exchange reserves cross $600 billion after four months

India’s foreign exchange reserves increased to $604 billion as on December 1, surpassing the $600 billion mark after a gap of about four months.

 

The forex reserves were last above the $600 billion mark on August 11 this year.

 

In his monetary policy statement on Friday, RBI Governor Shaktikanta Das said the issuance of the master direction for foreign exchange market participants was part of a comprehensive initiative to assist market participants manage risks in the ever-changing market. 

 

‘We remain confident of meeting our external financing requirements comfortably,” Das said.

 

The reserves were $597.935 billion in the preceding week ended November 24.