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India - 5th largest Forex reserve
July 22 , 2021
1022 days
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- India has surpassed Japan, China, Russia and Switzerland to become the world’s fifth-largest foreign exchange reserve holder with $608.99 billion.
- India’s balance of payments has surpassed in both the capital and current accounts in the year 2020-21.
- That largely contributed to the gains in the foreign exchange reserves of the country.
- India’s present foreign exchange reserves are sufficient enough to provide the payment for imports for more than 18 months.
- The Forex reserves mainly comprise of bonds, foreign currencies, gold, bank deposits, financial assets and special drawing rights.
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