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India’s Foreign Exchange Reserves : July 2021

India’s Foreign Exchange Reserves:

India’s foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021, the Reserve Bank of India (RBI) data showed.

  • According to weekly data from the RBI, forex reserves rose to a record $612.73 billion in the reporting week, helped by a rise in Foreign Currency Assets (FCA), a major component of the overall reserves.
  • India’s forex reserves cover Foreign Currency Assets (FCAs), Special Drawing Rights (SDRs), Gold Reserves and the country’s reserve position with the International Monetary Fund (IMF).
  • Currently, China has the largest reserves followed by Japan and Switzerland.
  • India has overtaken Russia to become the fourth largest country with foreign exchange res