Rises $3 Billion in a week to reach all time high of $493.48 billion
Delhi, June 5: If times are tough, what is the one thing that you would like more of?
Money! Because it allows us to buy things that we need. It is the same for countries. When things are tough, a country that has more foreign currency will be able to pay for its imports more easily. In general, it also a measure of the economic stability of a country.
Throughout May, India’s foreign exchange reserves have increased. For the week ending May 29th, they were at an all time high of USD 493.48 billion.
The forex (foreign exchange) reserves of India are held by the Reserve Bank of India. The value of our reserves is shared once a week. Reserve means store. Forex reserve means how much of foreign currency and gold we have in storage. This value also decides how much money India can borrow.