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India’s foreign exchange reserves reach 413.8 billion US dollars: sixth largest holder of reserves in the world

Foreign exchange reserves of the country stood at 413.8 billion US dollars as on January 12 this year according to the economic survey presented to the Parliament by the finance minister Arun Jaitley on January 29th. India has emerged as sixth largest country holding maximum foreign exchange reserves the survey said

The reserves reached 409.4 billion US dollars on end-December 2017. It grew by 14.1 percent on a y-o-y basis from end December 2016 (US$ 358.9 billion) to end December 2017 (US$ 409.4 billion)

The reserves grew by 10.7 percent from end- March, 2017 (US$370.0 billion) to end December 2017. 

The import cover of India’s foreign exchange reserves was 11.1 months at end-September 2017 as compared with 11.3 months at end -March 2017.  Within the major economies running current account deficit, India is among the largest foreign exchange reserve holders and sixth largest among all countries of the world.


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