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700 billion USD forex reserves
October 9 , 2024
14 hrs 0 min
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- India's forex reserves have crossed the $700 billion mark for the first time.
- With this milestone, India becomes the fourth economy in the world to surpass $700 billion in foreign reserves, joining China, Japan, and Switzerland.
- The increase of $12.6 billion is also the largest weekly addition since July 14, 2023.
- India's reserves first crossed $100 billion in December 2003, taking more than three years to add the next $100 billion.
- The third $100 billion (from $200 billion to $300 billion) was achieved in less than one year, with reserves surpassing $300 billion on February 29, 2008.
- The increase from $200 billion to $300 billion was the fastest, occurring in about ten months.
- After peaking at $642 billion in September 2021, the reserves dropped to $525 billion within the following year, primarily due to revaluation losses.
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