India’s foreign exchange reserve rose to record value of $322 billion

Crossing the previous high of $321 billion in September 2011, India’s foreign exchange reserves touched a record $322 billion.

The fact was revealed by the latest data released on 23 January.

Facts about India’s Forex reserves

1. India has the ninth highest foreign exchange reserves in the world.
2. China, Japan and Saudi Arabia have foreign exchange reserves more than that of India.
3. China has $3.8 trillion excess foreign exchange reserves as compared to India.

What is Foreign-exchange reserves ?

1. Foreign-exchange reserves also called forex reserves
2. Foreign-exchange reserves are assets held by central banks in different reserve currencies
3. The assets are mostly kept in the form of
   • the United States dollar
   • the Euro
   • the Pound sterling
   • the Japanese yen