INDIAN FOREX RESERVES jumped by $9.69 to all time high and touched $666.8 billion for the week ended July 12,2024 the Reserve Bank of India (RBI) said on Friday. The previous week it touched $657.1 billion. RBI releases Forex reserves data every week on Friday.
How to count Forex reserves?
Forex reserves are based on four main elements.
(I) Foreign currency: Forex reserves count in 5 foreign currencies USD, Euro, Japanese yen, Pound sterling.
(ii) Gold Reserves: Country's gold Reserves also counted in Forex reserves .
(iii) Special Drawing right (SDR):
-what is special Drawing right?
SDR is an international reserve asset defined and maintained by the International national monetary fund (IMF). The value of it is based on the basket of top main international currency and its reserves by the IMF every 5 years. The currencies are USD (43.4%), Euro (29.3%), Chinese yuan (12.3%), Japanese yen (7.6%) and British pound sterling(7.4%).
(iv) Country's reserve portion in International Monetary Fund (IMF)
Which Top 5 countries highest Forex reserves in 2024?
1.China
2.Japan
3.Switzerland
4.Russia
5.United States of America (USA)
6.India
