India has overtaken Russia in terms of foreign exchange reserves. The central bank of the South Asian country is suddenly depositing dollars in the economy to protect it from the situation of outflows. According to Bloomberg’s report, India’s foreign exchange reserves surpassed Russia to become the fourth largest in the world. The reserves of India and Russia have now stabilized after several months of boom this year. There has been a sharp decline in foreign exchange reserves by Russia during recent weeks.
According to data from the central bank, RBI bought $ 88 billion in the spot forex market last year. Due to this, the rupee became the best performer among the big currencies of Asia.
India’s forex reserves are fourth-largest in the world
On March 5, India’s foreign exchange reserves fell by $ 4.3 billion to reach $ 580.3 billion. The Reserve Bank of India (RBI) gave this information on Friday. Due to this Russia’s reserves of $ 580.1 billion have been left behind. China has the largest reserves, followed by Japan and Switzerland. India’s reserves, which are sufficient to cover 18 months of imports, have increased due to the current account surplus, rising inflows into the regional stock market and foreign direct investment.
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