India now holds world’s fourth-LARGEST forex reserves ...News

Russia Today - Economy
India now holds world’s fourth-LARGEST forex reserves
source : Russia Today ( News ) () 7
India’s foreign exchange holdings amounted to $580.3 billion as of March 5, the country’s central bank has said. Only China, Japan and Switzerland have bigger forex reserves, according to the International Monetary Fund. India’s reserves are now enough to cover roughly 18 months of imports. The growth came on the back of a rare current-account surplus, rising inflows into the local stock market, and foreign direct investment.  The Reserve Bank of India (RBI) estimates the volume of assets in foreign currency at $539.6 billion. Gold accounts for $34.2 billion of the holdings, while Special Drawing Rights (SDR) assets stand at $1.5 billi

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