India now fourth country in the world with forex reserves over $700 billion

India’s foreign exchange reserves crossed the $700 billion mark for the first time ever in September 2024, according to data released by the Reserve Bank of India (RBI) on Friday, October 04, 2024.
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The reserves, currently at $704.885 billion, rose by $12.588 billion from last week, by $58.466 billion from the end of March 2024, and by $117.977 billion from the same time of the previous year.
This also makes India, the fourth country in the entire world to cross $700 billion in foreign exchange reserves. China, Japan, and Switzerland currently precede India.
This growth in the reserves is attributed to multiple factors including $30 billion in foreign inflows so far this year, led mainly by investments in local bonds after the inclusion in an important J.P. Morgan index.
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RBI Governor Shaktikanta Das also has repeatedly mentioned the need to build a large foreign exchange buffer, which can be a lifesaver during periods of high market volatility.
India’s forex reserves may rise to as much as $745 billion by March 2026, Bank of America had forecasted earlier.
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