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India Ranks 4th Globally in Terms of Foreign Exchange Reserves

CC0 / Pixabay / Indian money
Indian money - Sputnik International, 1920, 15.03.2021
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NEW DELHI (Sputnik) - India has become the fourth largest state in the world in terms of foreign exchange reserves surpassing Russia, the Reserve Bank of India revealed.

According to the data, India's foreign exchange reserves stand at $580.29 billion with assets in foreign currency amounting to $539.6 billion, in gold - $34.2 billion, in special drawing rights - $10.9 billion and in the reserve position in the International Monetary Fund (IMF) - $36.1 billion.

The Reserve Bank of India has previously recommended strengthening the country's foreign exchange reserves. Bank Governor Shaktikanta Das said that central banks of emerging economies must build up reserves to prevent any external shocks, regardless of whether they are watched over by the United States.

© AP Photo / Rajanish KakadeA sweeper cleans the street outside the Reserve Bank of India's headquarters in Mumbai, India, Wednesday, Aug. 2, 2017.
India Ranks 4th Globally in Terms of Foreign Exchange Reserves - Sputnik International, 1920, 15.03.2021
A sweeper cleans the street outside the Reserve Bank of India's headquarters in Mumbai, India, Wednesday, Aug. 2, 2017.

China ranks first in terms of foreign exchange reserves, followed by Japan and Switzerland. At the same time, according to the latest data released by the Russian Central Bank, as of 5 March, the foreign exchange reserves of Russia stood at $580.1 billion, putting it in the fifth position in the world.

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