Forex reserves hit an all-time high of $534.5 bn in week ended July 31

The country's foreign exchange reserves hit an all-time high of $534.568 billion after surging by massive $11.938 billion in the week ended July 31, the RBI data showed.

While announcing the monetary policy on Thursday, Reserve Bank of India Governor Shaktikanta Das said the reserves at $534.6 billion are equivalent to 13.4 months of imports.

So far in FY2020-21 (up to July 31), the reserves have risen by $56.8 billion, he had said.

In the week ended July 24, reserves had increased by $4.993 billion to $522.630 billion. The reserves had crossed the half-a-trillion mark for the first time in