India's foreign exchange reserves cross $500 bn for the first time

Currency dealers say there were dollar inflows on account of Reliance Jio and Airtel deals, which the central bank absorbed

The country’s foreign exchange reserves crossed the $500 billion mark for the first time as the central bank absorbed inflows at a time when there was not enough demand for foreign currencies from the oil marketing companies amid a lockdown and collapse in oil prices.

India had forex reserves of $501.7 billion as of June 5, a rise of $8 billion in a week. This is the highest weekly increase since September 28, 2007. Most of the rise is owing to foreign currency assets.

Currency dealers say there was dollar inflow on account of Reliance Jio and Airtel deals, which the central