by Another good news has come regarding the country’s economy. After the stock market, now a new record has been made in the front of foreign exchange reserves of the country. The country’s foreign exchange reserves rose by $4.84 billion to an all-time record of $651.5 billion in the week ending May 31. At the same time, the country’s foreign exchange reserves fell by $2.03 billion to $646.7 billion last week.
What do the statistics say?
According to Reserve Bank data, foreign currency assets, the largest contributor to foreign exchange reserves, rose by a whopping $5.1 billion to $572.6 billion in the week ended May 31. At the same time, gold reserves fell by $212 million to $56.5 billion during the period. Special Drawing Rights (SDR) declined by $17 million to $18.12 billion. However, during the same period, reserve funds with the IMF increased by $1 million to $4.33 billion.
What did the RBI Governor say?
Reserve Bank of India (RBI) Governor Shaktikanta Das said this is a new achievement. Earlier on May 17, foreign exchange reserves stood at an all-time high of US$ 648.7 billion. Let us tell you that foreign exchange reserves are considered as one of the main factors representing the overall strength of the economy to withstand any external sector disturbance.
Stock market record
During Friday’s trade, the 30-share BSE Sensex rose 1,720.8 points, or 2.29 percent, to touch an all-time high of 76,795.31. It later closed at a record high of 76,693.36 points, up 1,618.85 points or 2.16 percent from the previous session. Amid a three-day rally in the market, investors’ assets by Friday fell to Rs. 28.65 lakh crore has increased.
