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 increased by $1.21 billion as on April 13, official data showed on Friday.
According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to $426.08 billion from $424.86 billion reported for the week ended April 6.
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 — increased by $1.20 billion to $400.97 billion during the week under review.
Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.
However, the country’s gold reserves value remained stagnant at $21.48 billion.
The SDRs’ value inched up by $6.6 million to $1.54 billion, while the country’s reserve position with the IMF rose by $8.9 million to $2.07 billion.
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