India’s Forex Reserves Top $400 billion for the First Time

 

According to Reserve Bank of India, India’s foreign exchange reserves topped the $400 billion mark for the first time to hit an all-time high of $400.726 billion, aided by a sharp rise in foreign currency assets, mainly huge inflows through foreign direct investments in projects and portfolio investment in the capital market.  Foreign exchange reserves had earlier topped $300-billion in March 2008. The Reserve Bank of India said foreign currency assets were $376.20 billion, gold reserves at $20.69 billion, SDRs of $ 1.52 billion and $2.30 billion reserves in IMF.