India has become the fourth economy in the world to surpass 700 billion US dollars in foreign reserves, joining China, Japan, and Switzerland.
India’s foreign exchange reserves surged by 12.588 billion dollars to touch a new all-time high of 704.885 billion dollars for the week ending September 27. In the previous week ended September 20, the forex reserves jumped by 2.8 billion to 692.3 dollars.
The sharp increase in forex reserves strengthened India’s ability to cushion against global economic uncertainties and provides greater stability to its currency in the face of volatile international markets.
According to the latest RBI data released today, India’s gold reserves rose 2.184 billion to 65.796 billion dollars. The special drawing rights with the International Monetary Fund increased by 8 million to 18.547 billion dollars.