Why in News ? India’s forex reserves crossed $600 mark for the first time and as on June 4; it stood at $605 billion. With this, India equals Russia as the fourth largest reserve holder worldwide. Highlights India’s forex reserve was $605.008 billion while for Russia it was $605.2 billion. It took a year for reserves to rise by $100 billion. Huge forex reserves have improved India’s import cover substantially. By December 2020, foreign exchange reserves cover of imports increased to 18.6 months. Foreign exchange or Forex reserves Forex are assets on reserves which are held by central bank in....Read More
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