India’s foreign currency holdings fell by US$4.3bil (RM17.6bil) to US$580.3bil as of March 5, the Reserve Bank of India (RBI) said on Friday, edging out Russia’s US$580.1bil pile. China has the largest reserves, followed by Japan and Switzerland on the International Monetary Fund table.
NEW DELHI: India’s foreign-exchange reserves surpassed Russia’s to become the world’s fourth largest, as the South Asian nation’s central bank continues to hoard dollars to cushion the economy against any sudden outflows.
Reserves for both countries 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.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
