India's 'economic might' creates history! Forex reserves jump $14.36 billion, Indian coffers surpass $723 billion
According to information provided by the Reserve Bank of India, the country's foreign exchange reserves increased by $14.36 billion to an all-time high of $723.77 billion during the week ended January 30. Total foreign exchange reserves had increased by $8.05 billion in the previous week to reach a record high of $709.41 billion. Previously, reserves had reached a high of $704.89 billion in September 2024.
India's forex reserves have increased for the fourth consecutive week. Significantly, in just over a month, India's forex reserves have increased by approximately $37 billion, or over ₹3.34 lakh crore.
This has led to a record high in the country's treasury. Significantly, gold has been the primary driver of this increase, with an increase of over $14.50 billion.
While foreign currency assets have seen a slight decline, experts estimate that gold in the RBI's treasury has surpassed $137 billion. Let us explain the forex reserve figures released by the RBI...
How much forex reserve does India have?
According to information provided by the Reserve Bank of India, the country's foreign exchange reserves increased by $14.36 billion to an all-time high of $723.77 billion during the week ended January 30.
In the previous week, total foreign exchange reserves had increased by $8.05 billion to reach a record high of $709.41 billion. Previously, in September 2024, foreign exchange reserves had reached a peak of $704.89 billion.
Significantly, this is the fourth consecutive week of growth in the country's foreign exchange reserves. In these four weeks, the country's foreign exchange reserves have increased by $36.97 billion, or ₹3.34 lakh crore. Experts believe that further increases in foreign exchange reserves are expected in the coming days.
Decline in assets, increase in gold reserves
According to data released by the central bank, foreign currency assets, considered a major component of the foreign exchange reserves, declined by $493 million to $562.39 billion in the week ended January 30.
Foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the foreign exchange reserves.
The Reserve Bank said that the value of gold reserves increased by $14.59 billion to $137.68 billion during the week under review. The central bank said that Special Drawing Rights (SDRs) increased by $216 million to $18.95 billion.
According to the data, India's reserve position with the International Monetary Fund (IMF) also increased by $44 million to $4.74 billion in the week under review.
5th largest country in the world
The special thing is that India is the fifth largest country in the world in terms of forex reserves. It has a forex reserve of more than 723 billion dollars. Look at the figures, India is only 100 billion dollars less than Russia in terms of forex reserves.
Currently, Russia's forex reserves are 826.80 billion dollars. Meanwhile, Switzerland's forex reserves have crossed 1000 billion dollars.
China is the largest country in the world in terms of forex reserves. Its forex reserves are more than 3 trillion dollars. Next in line is Japan, whose forex reserves are 1.3 trillion dollars.