Sep 16, 2017 07:00 PM IST | Source: Moneycontrol.com
India’s Forex reserves have grown over 71 times in the last twenty six years, and is enough to pay for all its imports for the coming ten months
India’s forex reserves have now surpassed $400 billion. As per the most recent available RBI data India’s forex reserves stood at USD 400.726 billion in the week ended September 8 on account of rise in foreign currency assets.
The country’s foreign exchange reserves have come a long way since 1991 when the reserves could barely last two weeks. There has been a 71-fold increase in Forex reserves in the last twenty-six years.
The reserves are held by the central bank of a country to pay its liabilities like the price of foreign imports. The reserves are held mainly in US dollars and in some cases in Japanese Yen.
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