The country’s foreign exchange reserves crossed 700 billion dollars for the first time: India became the fourth country to achieve this milestone, increased the most by 12.58 billion dollars in a week.

The country’s foreign exchange reserve has crossed the $700 billion mark for the first time. On September 27, it increased by $ 12.58 billion in the last week and reached a new all-time high of $ 704.885 billion (about Rs 59 lakh crore).

Last week, this amount was at an all-time high of $692.296 billion. India has become the fourth country in the world to cross this milestone. This information was given by the Reserve Bank of India (RBI).

According to RBI data on Friday, foreign currency assets (FCA) constitute the largest share of Indian forex at $616.154 billion. At present India’s gold reserve is worth 65.796 billion dollars.

According to estimates, India’s foreign exchange reserves are now sufficient to cover more than a year of imports.

58 billion dollars increased last year

In the year 2023, India added about $58 billion to its foreign exchange reserves. Whereas 2022 saw a decline of $71 billion.

Foreign exchange reserves help in protecting domestic economic activity from global shocks.

Forex is an asset of the Central Bank or Monetary Authority

Foreign exchange reserves are assets held by a country’s central bank or monetary authority. The country’s Central Bank keeps currencies like US dollar, Euro, Japanese currency Yen and Pound Sterling in its foreign exchange reserves.

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