India became the 5th largest country in terms of Forex

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India’s foreign exchange reserves grew at a record breaking rate : India’s foreign exchange reserves have registered the biggest weekly jump in the last one year during the week ending November 11, 2022. An increase of $ 14.72 billion has been recorded in India’s foreign exchange reserves during this period. After this, India’s foreign exchange reserves have increased to the level of $ 544.715 billion. With this, today India has come in fifth place in terms of foreign exchange. Keep in mind that India had moved down from the fifth position a few months back.

Top 5 countries in the world in terms of foreign exchange

China $3.21 trillion
Japan $1.19 trillion
Switzerland $892,108 billion
Taiwan $542,790 billion
Russia $552,100 billion
India $ 544,715 billion

Note : These forex figures are updated till 18 November 2022. These figures are constantly updated, so these figures may change later.

strong foreign exchange reserves in the interest of the country

The country which has strong foreign exchange reserves, the economic condition of that country is also considered good. This happens because if there is any problem in the world, then the country can easily buy the goods it needs for many months. That is why many countries of the world keep their foreign exchange reserves very strong. Foreign exchange reserves come from foreign investment in addition to exports, in dollars or other foreign currency. Apart from this, the foreign exchange sent by Indians who work abroad is also a big source.

RBI released data today

Asia’s third largest economy’s foreign exchange reserves rose by $14.72 billion to $544.715 billion, the fastest since August 2021, according to data released by the Reserve Bank of India today. Earlier, in the week ended October 28, the foreign exchange reserves had increased by $ 6.56 billion to reach the level of $ 531.08 billion.

Know the highest level of foreign exchange reserves

Foreign exchange reserves stood at $607 billion at the end of March 2022. Since then it has been declining rapidly. At the same time, the level of foreign exchange reserves was at the level of $ 642.45 billion on 3 September 2021. This is the highest level of India’s foreign exchange reserves so far. In this sense, India’s foreign exchange reserves have reduced by about $ 100 billion from their highest level.

Know the figures of forex assets

Foreign currency assets increased by $ 11.8 billion to $ 482.53 billion in the week ended November 11, 2022. At the same time, the value of gold reserve has increased by $ 2.64 billion to $ 39.70 billion. Expressed in dollar terms, FCA has the effect of appreciating or depreciating non-US units such as the euro, pound and yen held in foreign exchange reserves.

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