India's Forex Reserves Soars To Record High At USD 651.5 Billion: RBI Governor Shaktikanta Das

Das hailed this achievement as a significant milestone for India's economy during the bimonthly policy review. This surge surpasses the previous record of USD 648.7 billion set on May 17.
MPC meeting, Reserve Bank of India, RBI, Shaktikanta Das, Forex Reserves, gold, RBI

India's Forex Reserves Soars To Record High At USD 651.5 Billion: RBI Governor Shaktikanta Das (image source: Times Now Digital)

Photo : BCCL
Reserve Bank of India (RBI) Governor Shaktikanta Das announced that India's foreign exchange reserves reached an unprecedented level of USD 651.5 billion as of May 31, marking a significant increase of USD 4.83 billion since May 24.

Milestone Achievement

Das hailed this achievement as a significant milestone for India's economy during the bimonthly policy review. This surge surpasses the previous record of USD 648.7 billion set on May 17.

Resilience In The External Sector

Das emphasized the resilience of India's external sector, citing improvements in key indicators such as the current account deficit, external debt to GDP ratio, and net international investment position. These positive trends reflect the nation's enhanced capacity to withstand external shocks.

Confidence in Meeting Financing Needs

Expressing confidence in meeting external financing requirements, Das highlighted the sustainable nature of the current account deficit for FY25. He cited support from factors such as remittances, services exports, and a narrowing trade deficit, reinforcing the nation's ability to manage its external financial obligations effectively.
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