India has overtaken not only America but many countries including Singapore, Hong Kong. Now only China, Japan, Switzerland and Russia are above India in this list.
India is far ahead of America in forex reserves
Despite Corona, the Modi government has managed to win the trust of foreign investors. The biggest example of this has become the country’s foreign exchange reserves crossing $ 600 billion. The country’s foreign exchange reserves increased by $ 6.842 billion in the week ended June 4, 2021, crossing $ 600 billion for the first time.
According to the weekly data released by the Reserve Bank of India, the foreign exchange reserves reached a record high of $ 605.008 billion in the reporting week. The reason for this uptick is the good growth in foreign currency assets. It forms a significant part of the total currency reserves.
India becomes 5th largest country in the world
With this new record in terms of foreign exchange reserves, India has become the fifth largest country in the world. The special thing is that India has overtaken America in this matter. America’s forex reserve is only $ 142 billion and it is at 21st place in the list. Whereas India has made the place at number 5. At the same time, India has overtaken not only America but many countries including Singapore, Hong Kong. Now only China, Japan, Switzerland and Russia are above India in this list.
May 28 was $598 billion
Earlier, in the week ended May 28, 2021, foreign exchange reserves had increased by $ 5.271 billion to $ 598.165 billion. According to the weekly data of the Reserve Bank, foreign currency assets increased by $ 7.362 billion to $ 560.890 billion during the week under review.
Gold reserve reduced
Foreign currency assets are expressed in dollars. This includes assets denominated in the euro, pound and yen in addition to the dollar. Gold reserves declined by $ 502 million to $ 37604 billion during the week under review. The Special Drawing Rights (SDR) with the International Monetary Fund (IMF) declined by $1 million to $1.513 billion. At the same time, the country’s reserves with the IMF also decreased by $ 16 million to $ 5 billion.
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