Foreign exchange reserves has crossed the $ 700 billion mark for the first time. On September 27, it rose by $ 12.58 billion in the last week to a new all-time high of $ 704.885 billion (about 59 lakh crores).
Last week, this amount was at an all-time high of $ 692.296 billion. India has become the fourth country in the world to cross this milestone. This information was given by the Reserve Bank of India (RBI).
According to RBI’s Friday data, the largest share of Indian forex is Foreign Currency Asset (FCA) at $ 616.154 billion. Currently, India’s gold reserve is $ 65.796 billion.
According to estimates, India’s foreign exchange reserve is now sufficient to cover more than a year’s imports.
Increased by $ 58 billion last year
In the year 2023, India added about $ 58 billion to its forex reserves. Whereas in 2022, a decline of $ 71 billion was seen.
The stock of forex reserves helps to protect domestic economic activity from global shocks.
Foreign exchange reserves is the asset of the Central Bank or Monetary Authority.
Forex are assets held by the central bank or monetary authority of a country. The central bank of the country keeps currencies like the US dollar, euro, Japan’s currency yen, and pound sterling in the forex reserves.
