India's foreign exchange reserves cross $600 billion after four months

India's foreign exchange reserves rose to $604 billion on December 1, crossing the $600 billion mark after a gap of about four months.

Foreign exchange reserves last exceeded the $600 billion mark on August 11 this year.

In his monetary policy statement on Friday, RBI Governor Shaktikanta Das said the issuance of the master direction for foreign exchange market participants was part of a comprehensive initiative to help market participants manage risks in the ever-changing market.

“We remain confident that we can comfortably meet our external financing needs,” Das said.

Reserves stood at $597.935 billion in the previous week ending November 24.