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With Indias forex reserves at $608.99 billion as on June 25, 2021 stood, India has emerged as the fifth largest foreign exchange reserves holder in the world after China, Japan, Switzerland and Russia. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha today. The Minister stated that Indias foreign exchange reserves position is comfortable in terms of import cover of more than 18 months and provides cushion against unforese
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FAQ :
As of June 25, 2021, India's forex reserves stood at $608.99 billion.
China, Japan, Switzerland, and Russia hold larger foreign exchange reserves than India.
The Reserve Bank of India (RBI) manages reserves through forex swap and repo markets, gold acquisition, and exploring new markets/products, while maintaining safety and liquidity standards.
Variations are primarily due to RBI's market interventions, valuation changes of currencies, gold price movements, interest earnings, and aid receipts.
Yes, India's forex reserves provide a comfortable import cover of over 18 months and a cushion against unforeseen external shocks. The country is also comfortable in most external sector vulnerability indicators.
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