India’s Forex Reserves Surge to $620.44 Billion, Now Fifth Globally

India's Forex Reserves Surge to $620.44 Billion, Now Fifth Globally

VoM News Desk | December 30, 2023 | 10:08 AM IST | Breaking News | Follow on Google News

India’s Forex Reserves Surge to $620.44 Billion, Now Fifth Globally/Representative image

India’s Forex Reserves Surge to $620.44 Billion, Now Fifth Globally

India’s foreign exchange reserves witnessed a remarkable uptick, soaring by $4.45 billion for the week concluding on December 22, 2023.

This surge has propelled the total reserves to an impressive $620.44 billion, signaling robust financial resilience and stability for the nation.

A significant portion of this surge stems from the notable rise in Foreign Currency Assets (FCAs), which climbed by $4.7 billion, reaching an impressive $549.75 billion.

Fifth Position in Global Forex Reserves
India’s forex reserves now stand at $620.44 billion, securing the nation the fifth position on the global scale.

This climb places India behind leading economies like China, Japan, Switzerland, and Russia.

China holds the top spot with a substantial reserve value of $3.8 trillion.

India’s current reserve status not only bolsters its financial defenses but also lays a solid groundwork for sustained economic growth.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.