India’s foreign exchange reserves are now over $700 billion for the first time. Right now, they are at $704.885 billion.
This is $12.588 billion more than last week and $58.466 billion more than in March 2024. They have also grown by $117.977 billion since last year.
India is now the fourth country in the world to have more than $700 billion in reserves. China, Japan, and Switzerland are ahead of India.
India’s reserves have increased because people and companies from other countries have invested $30 billion this year.
A lot of this money is going into local bonds. This happened after India joined a well-known J.P. Morgan index, which made it easier for investors to trust and invest in Indian markets.
RBI Governor Shaktikanta Das says having a strong reserve is important for hard times.
Bank of America thinks India’s reserves might reach $745 billion by March 2026.
