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India's foreign exchange reserves rises to lifetime high of USD 575.29 billion
Abstract：India's forex reserves or foreign exchange reserves have risen to its lifetime high of USD 575.29 billion, up USD 2.518 billion, during the week ended November 20.
India's forex reserves or foreign exchange reserves have risen to its lifetime high of USD 575.29 billion, up USD 2.518 billion, during the week ended November 20. The country's forex reserves cross the USD 500 billion-mark for the first time during the week ended June 5. It crossed the USD 550 billion-mark in the week ended on October 9.
According to the Reserve Bank of India (RBI), the rise in the forex reserve is linked to the huge increase in foreign currency assets (FCA). The FCA has shot up USD 2.835 billion to USD 533.103 billion in the week under review.
The contraction of 7.5 percent is seen as a sign of revival after the GDP saw an unprecedented 23.9 percent decline during the April-June quarter (Q1) due to the nationwide lockdown to contain the novel coronavirus.
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