Foreign Exchange Reserves Reach $400 Bn

Banking News

Business Mantra News

  • 8th September, 2017 was the historic day for Indian Economy, when Foreign Exchange Reserves reached $400 Bn mark for the first time as per the available data of Reserve Bank of India.
  • From $100 Billion to $400 Billion RBI had to wait for 10 long years but within a time period of 11 months the reserves increased from $300 Billion to $400 Billion.
  • Foreign Currency Accounts maintained in Indian Banks are kept in world’s major four currencies such as US Dollars, British Pound, Euro and Japanese Yen.
  • Other components of Reserves are Gold Reserves and SDRs issued by International Monetary Fund.
  • Quantum wise India is third in the list after China and Switzerland in maintaining foreign exchange kitty.
  • Now Indian Imports can be taken care by Forex Reserves for 11 to 12 months.

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