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India crosses Russia as world’s 4th biggest forex reserve holder Issac John
India has surpassed Russia to emerge as the world s fourth-largest foreign-exchange reserve holder.
China has the world s largest reserves, followed by Japan and Switzerland on the International Monetary Fund table.
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Forex reserves for both India and Russia have mostly flattened out this year after months of rapid increase. India pulled ahead as Russian holdings declined at a faster rate in recent weeks as the Reserve Bank of India continued to hoard dollars to cushion the economy against any sudden outflows.
Despite a recent fall of $4.3 billion to $580.3 billion as of March 5 due to a decline in the Foreign Currency Assets (FCA), the south Asian nation s forex holdings claimed the fourth ranking as Russia s reserves fell at a steeper pace to $580.1 billion.