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 joined the ranks of the world's largest foreign exchange reserves, securing the 4th position globally after China, Japan, and Switzerland.
During the week, India's foreign currency assets (FCA), the biggest component of the forex reserves, rose by USD 5.186 billion to USD 551.331 billion, the central bank's weekly statistical data showed.
India's foreign currency assets (FCA), the biggest component of the forex reserves, rose USD 8.349 billion to USD 545.048 billion
India's foreign exchange reserves during the week that ended on October 14 fell to an over two-year low of USD 528.367 billion, a drop of USD 4.5 billion from the previous week.
In the previous week ended August 28, the reserves had surged by USD 3.883 billion to USD 541.431 billion.
The reserves stood at $534.568 billion for the week ended July 31.
Governor Shaktikanta Das said the reserves at $534.6 billion are equivalent to 13.4 months of imports.
Foreign currency assets (FCA), a major component of the overall reserves, increased.
FCAs, the largest component of the forex reserves, edged lower by $631.6 million to $367.86 billion during the week ended December 14.
Amidst several parameters going askew for the Indian economy, two ~ its current account deficit and its sliding rupee ~…
