Indians Sent More Money Abroad in May Than April During Pandemic: RBI

by Rahul Gautam Jul 27, 2020 • 06:25 PM Views 779

India’s foreign exchange reserves reached a record high of $513.25 billion on July 3. According to the Reserve Bank data, on June 26, foreign exchange reserves had increased by $1.27 billion to reach $506.84 billion. Foreign deposits crossed the $500 billion mark on 5 June. At that time, the deposits had reached $501.70 billion with a strong increase of $8.22 billion. RBI figures show that in May last year, Indians sent $1,486.06 million abroad, which has come down drastically this year to $617.62 million. However, compared to April 2020, the month of May has seen improvement