India overtakes Russia in FX reserves
A reflection of dollars’ fall in the exchange rate
Now, India has the fourth largest foreign exchange reserves in the world
Despite the rise, Indian foreign exchange reserves fell by $4.3 billion
India’ reserve is $580.3 billion while Russia has $580.1 billion
The $580.3 billion is enough to cover 18 months of import cost
Stock market gains and an increase in foreign direct investment have contributed to the rise
The strong reserve is a relief to the RBI
According to the IMF, China has the largest reserve
Japan and Switzerland come second and third respectively
