India's forex reserves decline to 593.48 bln USD in May
Xinhua
28 May 2023, 11:30 GMT+10
India's foreign exchange reserves dropped to 593.48 billion U.S. dollars during the week ended May 19 after three consecutive weeks seeing the forex reserves rise.
NEW DELHI, May 28 (Xinhua) -- India's foreign exchange reserves declined by 6.05 billion U.S. dollars during the week ended May 19 to 593.48 billion U.S. dollars, showed the latest data released by the Reserve Bank of India.
This situation came after three consecutive weeks seeing the forex reserves rise.
In the previous week ended May 12, India's forex reserves rose by 3.55 billion U.S. dollars to reach 599.53 billion U.S. dollars, 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 in terms of its forex reserves.
"In the worst case, with whatever difficulties anybody may have, India is comfortable for the next five or six years, given (that) our forex reserves today will be able to meet our foreign exchange requirements," he was quoted as saying at an event held by the Confederation of Indian Industry.
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