India’s Foreign Exchange Reserves Reach Record High of $586 Billion
Posted on 01/17/2021
The Reserve Bank of India reported that the country’s foreign exchange reserves rose by US$ 758 million to reach a record high of US$ 586.082 billion in the week ended January 8, 2021. In the previous week ended January 1, 2021 the reserves had increased by US$ 4.483 billion to US$ 585.324 billion. In addition, foreign currency assets, a major component of the overall reserves, rose by US$ 150 million to US$ 541.791 billion. India’s reserve position with the IMF rose by US$ 35 million to US$ 5.181 billion in the week, per central bank data.
Low oil prices have helped India grow wealth. India is the world’s third biggest oil importer and has been filling its strategic petroleum reserves.