India now 4th largest forex reserves country globally
India joined the ranks of the world's largest foreign exchange reserves, securing the 4th position globally after China, Japan, and Switzerland.
India’s foreign exchange (Forex) reserves depleted by $1.75 billion during the week ended June 29, official data showed on Friday.
According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves declined to $406.05 billion from $407.81 billion reported for the week ended June 22.
India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).
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Segment-wise, FCAs — the largest component of the Forex reserves — decreased by $1.78 billion to $380.71 billion during the week under review.
Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies.
As per the data, the value of the country’s gold reserves rose by $38 million to $21.36 billion.
The SDRs’ value inched down by $5.2 million to $1.48 billion, while the country’s reserve position with the IMF slipped by $8.7 million to $2.48 billion.
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