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India Becomes Fourth-Largest Forex Holder After Record Reserve Surge
India keeps money and other assets in reserve to help protect its economy.
These foreign exchange reserves reached a record $785.7 billion.
The reserves increased by $44.9 billion in one week.
Most of the increase came from foreign currency assets.
The amount of gold held in the reserves fell by about $2.6 billion.
India has built its reserves steadily over the past two decades.
It now has the world’s fourth-largest reserve stockpile, behind China, Japan and Switzerland.
These reserves can help India manage currency changes, pay for imports and debt, and reassure investors.
India’s foreign exchange reserves reached a record $785.7 billion in the week ended September 4.
Reserves rose by $44.9 billion, the largest weekly increase in the available series.
Foreign currency assets increased by $47.5 billion, while gold reserves fell by about $2.6 billion.
India’s reserves include $648.2 billion in foreign currency assets, $113.8 billion in gold, $18.8 billion in SDRs and $4.9 billion in IMF reserves.
India now ranks fourth globally behind China, Japan and Switzerland, moving ahead of Russia, Taiwan and Saudi Arabia.
- Who
- India and the Reserve Bank of India.
- What
- India’s foreign exchange reserves rose to a record $785.7 billion, moving the country into fourth place globally.
- Where
- India, in global foreign-exchange-reserve rankings.
- When
- In the week ended September 4; the articles do not specify the year.
- Why
- The increase was driven primarily by a $47.5 billion rise in foreign currency assets; reserves also help manage currency volatility and meet import and debt obligations.
Key facts
- Total reserves
- $785.7 billion
- Weekly increase
- $44.9 billion in the week ended September 4
- Foreign currency assets
- $648.2 billion
- Gold reserves
- $113.8 billion, down about $2.6 billion during the week
- Special Drawing Rights
- $18.8 billion
- Reserve position at the IMF
- $4.9 billion
- Global ranking
- Fourth, behind China, Japan and Switzerland
Sources
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