For The First Time, India’s Forex Reserves Cross Half-A-Trillion Dollar Mark
New Delhi: For the first time, India’s foreign exchange reserves crossed the half-a-trillion mark after a $8.22 billion surge during the week ending on June 5.
As per the latest Reserve Bank of India (RBI) data, the forex reserves rose to $501.70 billion, thanks to a massive rise in foreign currency assets (FCA), reports The Indian Express.
The week before, forex reserves had increased by $3.44 billion to $493.48 billion.
The gold reserves fell by $329 million to $32.352 billion during the previous week, the RBI reported.
Since Union Finance Minister Nirmala Sitharaman announced a cut in corporate tax rates last September, forex reserves have been rising every week.