India overtakes Russia in terms of foreign exchange reserves

The country’s foreign exchange reserves rose for the 10th consecutive week and reached a record high of more than $ 608 billion. With this, India has become the fourth largest country in the world in this respect, overtaking Russia. According to the data released by the Reserve Bank of India today, the country’s reserves of foreign exchange increased by $3.07 billion to $608.08 billion for the week ended June 11. Earlier in the week ended June 04, it had risen by $ 6.84 billion to a record high of $ 605.01 billion and was lower by a marginal margin than Russia.

Russia’s foreign exchange reserves fell by $ 0.40 billion to $ 604.80 billion in the week ended June 11. Now India is in fourth place after China, Japan and Switzerland in this matter.

The central bank said forex assets, the largest component of forex reserves, rose by $2.57 billion to $563.46 billion during the week ended June 11. During this period, gold reserves increased by $ 496 million to $ 38.10 billion.

Reserves with the International Monetary Fund rose by $110 million to $5.01 billion, while special drawing rights declined by $1 million to $1.51 billion.