Mumbai: India’s foreign exchange reserves have jumped to an all-time high of USD 651.5 billion as of May 31, Reserve Bank Governor Shaktikanta Das said Friday.
This means the overall kitty has increased by USD 4.83 billion since the last reported number of USD 646.673 billion May 24 this year.
“Touching a new milestone, India’s foreign exchange reserves reached a historical high of USD 651.5 billion as May 31,” Das said in his statement while announcing the bimonthly policy review.
The previous all-time high for the reserves, considered among the key factors representing the overall strength of the economy to withstand any external sector disturbances, stood at USD 648.7 billion as May 17.
Das said that the country’s external sector remains resilient.
Pointing to improvements in the current account deficit, external debt to GDP ratio and net international investment position, he said the key external vulnerability indicators continue to improve.
“Overall, we remain confident of meeting our external financing requirements comfortably,” he said.
The current account deficit for FY25 is likely to remain well within its sustainable level, the governor said, pointing to help coming from remittances, services exports and a lower trade deficit.