India’s foreign-exchange reserves surpassed Russia’s to become the world’s fourth-largest reserve. The foreign currency holdings of India stood at $580.3 billion as of March 5, as per the data by the Reserve Bank of India (RBI). The reserve of Russia was $580.1 billion. Overall, China has the largest reserves, followed by Japan and Switzerland, as on the International Monetary Fund table.
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Reserves for both countries have mostly flattened out this year after months of rapid increase. India pulled ahead as Russian holdings declined at a faster rate in recent weeks. India’s reserves, enough to cover roughly 18 months of imports, have been bolstered by a rare current-account surplus, rising inflows into the local stock market and foreign direct investment.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.