India’s Foreign Exchange Reserves May Have Surpassed $ 600 Billion – RBI Governor Shaktikanta Das

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The Central Bank also announced G-SAP 2.0 that will help calm returns and control undue volatility faced by market participants in the government securities market.

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that India’s foreign exchange reserves may have crossed the record high of $ 600 billion thanks to strong capital flows.

According to RBI data released on May 28, the country’s foreign exchange reserves increased by $ 2.865 billion to a record $ 592.894 billion for the week ending May 21, driven by gold and currency assets.

“Based on the current estimate, we believe that our foreign exchange reserves may have exceeded $ 600 billion,” he said in announcing the bi-monthly review of monetary policy.

To increase liquidity, the RBI announced several steps, including a special liquidity line for various sectors affected by the COVID-19 pandemic.

The Central Bank also announced the G-sec Acquisition Program (G-SAP) 2.0 that will help calm returns and control undue volatility faced by market participants in the government securities market.

During the second quarter of the current fiscal year, the RBI said it will buy Rs $ 1.20 crore of G-sec on the secondary market, as part of G-SAP 2.0.

RBI will buy 40 billion rupees in government securities on June 17 with the remaining schedule to be announced later, he said.

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