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India becomes the fourth country to surpass $700 billion in foreign reserves.

Economy Business | Dated: 22 Oct 2024

According to data from the Reserve Bank of India (RBI), India's foreign exchange reserves surpassed $700 billion for the first time in September 2024. This achievement makes India the fourth country in the world to reach this level, joining China, Japan, and Switzerland.

🎯 Key Highlights:

  • - The foreign exchange reserves rose by $12.59 billion, reaching an all-time high of $704.885 billion in the week ending September 27, 2024.
  • - A key part of these reserves is Foreign Currency Assets (FCA), which increased by $10.46 billion to $616.154 billion. Additionally, gold reserves grew by $2.184 billion, reaching $65.796 billion, according to the RBI.
  • - FCA includes a multi-currency portfolio with major currencies like the US Dollar (USD), Euro, Pound Sterling, and Japanese Yen, valued in USD.

💡 Other Important Facts:

  • This increase in reserves is attributed to several factors, including $30 billion in foreign investments this year, mainly driven by investments in local bonds after India was included in a significant J.P. Morgan index.

📚 Test Your Knowledge:

Which country has recently become the fourth to surpass $700 billion in foreign reserves?

Correct Answer: India

🚀 Quick Recap: