India’s Forex Reserves Decline To 593.48 Billion USD This Month

India’s foreign exchange reserves, declined by 6.05 billion U.S. dollars during the week, ended May 19, to 593.48 billion U.S. dollars, showed the latest data released by the Reserve Bank of India.

This situation came, after three consecutive weeks seeing the forex reserves rise.

In the previous week, ended May 12, India’s forex reserves rose by 3.55 billion U.S. dollars to reach 599.53 billion U.S. dollars, according to the country’s central bank.

Earlier this week, Commerce and Industry Minister, Piyush Goyal, said, India was in a “comfortable” position for the next five to six years, in terms of its forex reserves.

“In the worst case, with whatever difficulties anybody may have, India is comfortable for the next five or six years, given (that) our forex reserves today will be able to meet our foreign exchange requirements,” he was quoted as saying, at an event held by the Confederation of Indian Industry

Source: Nam News Network

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