Get Ignite
TRENDING
  • Submit Press Release
  • Our Team
  • Editorial Policy
  • Home
  • Crypto News
  • Finance News
  • Gaming News
  • Tech News
  • Tech Guides
  • Editorial
Get Ignite

India’s Forex reserves break all records, surpassing $500 billion for the first time

by Gracia Wales
in Finance News
2 min read
India’s Forex reserves break all records, surpassing $500 billion for the first time
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

India continues to receive good news on the foreign exchange reserves front during the Corona crisis. The latest Reserve Bank figures show that for the first time, foreign exchange reserves have crossed the $500 billion level.

What do the figures say?

According to data, the foreign exchange reserves grew by $8.22 billion in the week ended June 5, reaching $501.70 billion. This amount of foreign exchange reserves is equivalent to one year’s import expenses. Foreign exchange reserves rose $3.44 billion to $463.48 billion in the week ended May 29. If compared to India’s foreign exchange reserves from other countries, China and Japan have moved up to the third position.

There are many reasons for the growth of forex reserves. The biggest reason is the decline in crude oil demand. In fact, the demand for fuel had come down due to the lockdown in India since last March. Moreover, the steep fall in crude oil prices has also supported foreign exchange reserves. In an easy language, crude oil has been cheaper and less procured. Because of this, the government has to pay less dollars.

Obviously, the low dollar payment has resulted in savings and an increase in foreign exchange reserves. In addition, foreign companies have increased their investment in the Indian market in the last three-four months. Foreign investors have once again started flowing capital into the Indian stock market.

Advertisements

Country’s industrialist Anand Mahindra has expressed happiness over the continued increase in foreign exchange reserves. It has also missed the 90s. Sharing a news report, Mahindra tweeted, “India’s foreign exchange reserves almost fell to zero 30 years ago. We now have the third largest global reserves. In this environment, when the news is demoralizing. Don’t forget your country’s potential and use it properly to get back on the path of economic growth,” he said.

get ignite
Gracia Wales

Gracia is a senior writer at Get Ignite, where she covers media and advertising and co-hosts the Original Content podcast. Previously, she worked as a tech writer at Adweek, a senior editor at the tech blog VentureBeat, and a local government reporter at the Hollister Free Lance. She attended Stanford University and now lives in Brooklyn.

ShareTweetSend
Previous Post

Apps that pay you to play games and have fun

Next Post

What is 24% APR on a Credit Card?

Related Posts

Google Pay: Your personal data is being stored? Case in Delhi High Court on 14th
Finance News

Google Pay: Your personal data is being stored? Case in Delhi High Court on 14th

0
IRCTC
Finance News

IRCTC New Website: 10,000 tickets booking every minute

0
sensex
Finance News

Brexit Trade Agreement: Sensex-Nifty’s new record, reaches new high

0
Chinese economy
Finance News

Chinese Economy Prepare to Surpass the U.S earlier than anticipated

0
GDP growth to remain positive in FY21 3rd quarter, faster than expected recovery: RBI bulletin
Finance News

GDP growth to remain positive in FY21 3rd quarter, faster than expected recovery: RBI bulletin

0
Titan’s second-quarter results: Profit down 38% to Rs 199 crore
Finance News

Titan’s second-quarter results: Profit down 38% to Rs 199 crore

0
Next Post
APR on a credit card

What is 24% APR on a Credit Card?

Trending News

Plugin Install : Popular Post Widget need JNews - View Counter to be installed

About Us

At GetIgnite, We aim to bring impartial and accurate news and information about a wide range of topics within the Finance and Technology Field. We are a team of enthusiasts and professionals who work hard to produce a reliable piece of information. We cover a broad segment of the FinTech Industry and attempt to provide updates about changes taking place in this fast-paced world.

Contact Us

Email us at [email protected]

  • Home
  • Crypto News
  • Finance News
  • Gaming News
  • Tech News
  • Tech Guides
  • Editorial
Advertisements
  • About Us
  • Contact Us
  • Editorial Policy
  • Privacy Policy
  • Terms And Conditions
  • Use Of Cookies
  • Our Team
  • Submit Guest Post

© 2021 GetIgnite. All Rights Reserved.

  • Home
  • Crypto News
  • Finance News
  • Gaming News
  • Tech News
  • Tech Guides
  • Editorial

© 2021 GetIgnite. All Rights Reserved.