The country's foreign exchange reserves reached a new high of over $651 billion

Mumbai: The country's foreign exchange reserves hit a new high during the week ended May 31. The reserves rose by $4.80 billion to $651.50 billion during the week, Reserve Bank of India Governor Shaktikanta Das said at the end of the three-day meeting of the RBI's Monetary Policy Committee (MPC).

The reserves fell by $2 billion to $646.67 billion in the week ending May 24. India's external sector remains resilient and indicators of external key vulnerabilities point to an improvement in the situation.

Not only is the pressure on the country's current account deficit reducing, but the ratio of foreign debt to GDP is also decreasing.

Das said, we are in a favorable position to meet external financing needs. The Reserve Bank frequently intervenes in the currency market to prevent the rupee from falling against the dollar.