India’s Forex Reserves Hit Record $785 Billion, Overtaking Russia
· Business · Indian Express, Reuters
India has become the world's fourth-largest holder of foreign exchange reserves after a record weekly surge of $45 billion brought the total to $785.71 billion as of September 4. This increase, the largest in the country's history, was driven by significant inflows of Foreign Currency Non-Resident bank deposits under a special RBI swap scheme. The surge allowed India to surpass Russia, whose reserves fell to $753.5 billion during the same period. China, Japan, and Switzerland remain the top three holders of global forex reserves. The RBI's accumulation of these reserves provides the central bank with greater capacity to manage rupee volatility.
Why it matters
The record reserves strengthen the RBI's ability to defend the rupee and provide a buffer against global economic volatility.
Read the original report — Indian Express
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