India Sets Record After Nine Months, Becomes Fourth Largest Country in the World

India has once again created a new record. For the first time since October 2024, the country’s foreign exchange reserves crossed $700 billion. This is the highest level in the last nine months. So far this year, India’s foreign exchange reserves have increased by $58.39 billion. Many countries in the world don’t even have this much total foreign exchange reserve. India is the fourth country in the world with the highest foreign exchange reserves. To break the all-time high record, India still needs an additional $2 billion.

Foreign Exchange Reserves Above $700 Billion

China tops the list of countries with the highest foreign exchange reserves. Japan is in second place, followed by Switzerland in third. India ranks fourth. The country’s central bank, the Reserve Bank of India (RBI), has released this data. According to RBI statistics, India’s foreign exchange reserves have gone beyond $700 billion. In the week ending June 27, the reserves increased by $4.84 billion to reach $702.78 billion. In October 2024, India’s foreign exchange reserves had previously crossed the $700 billion mark. This means that within nine months, India’s foreign exchange reserves have once again reached a peak.

To break the country’s all-time high in foreign exchange reserves, more than $2 billion is still needed. This record may be broken in the coming week. By the end of September 2024, the foreign exchange reserves had reached an all-time high of $704.88 billion. Last week, there was a decline in reserves, which fell by $1.01 billion, bringing the total to $697.93 billion.

India’s foreign currency assets have also seen a significant increase. According to the RBI, in the week ending June 27, foreign currency assets rose by $5.75 billion. Now, these assets have reached $594.82 billion.

Gold Reserves Declined

Gold reserves declined by $1.23 billion. After this decrease, the country’s gold reserves now stand at $84.5 billion. The central bank stated that SDRs increased by $158 million to reach $18.83 billion. Additionally, India’s reserve with the IMF increased by $176 million to $4.62 billion.