A money changer shows banknotes at a money changer in New Delhi, India on September 13, 2018. (Xinhua News Agency/Pulsa Circle)
India’s foreign exchange reserves fell to US$593.48 billion in the week ending May 19 after rising for three straight weeks.
NEW DELHI, May 28 (Xinhua) – India’s foreign exchange reserves fell by US$6.05 billion in the week ending May 19 to US$593.48 billion, according to the latest data released by the Reserve Bank of India. became.
The situation came after foreign exchange reserves increased for three consecutive weeks.
India’s foreign exchange reserves rose by $3.55 billion in the week ending May 12 to $599.53 billion, 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 with regard to its foreign exchange reserves.
“India will be comfortable for the next five to six years, no matter what difficulties anyone faces, if we consider that today’s foreign exchange reserves can meet our foreign currency needs,” he said at the meeting. The event is organized by the Federation of Indian Industries.■
