New Delhi: This Navratri has brought good news for Indians. For the first time, India's foreign exchange reserves have crossed $ 700 billion. According to RBI data, in the week ended September 27, 2024, the foreign exchange reserves have reached the level of $ 704.885 billion with a jump of $ 12.588 billion. In the previous week, it was $ 692.29 billion. Due to a huge increase in FPI investment, the foreign exchange reserves have reached an all-time high. Apart from India, only China, Japan, and Switzerland have foreign exchange reserves of more than $ 700 billion.

Foreign exchange reserves increased by $ 80 billion.

The Reserve Bank of India has released the foreign exchange reserves data on 4 October 2024, according to which it has reached the level of $ 704.885 billion with an increase of $ 12.588 billion in the week ending 27 September 2024. During this period, foreign exchange assets have increased by $ 10.46 billion and it has reached $ 616.154 billion. In the year 2024, RBI's foreign exchange reserves have seen an increase of more than $ 80 billion.

There was a huge jump in gold reserves.

After a sharp rise in gold prices, the value of RBI's gold reserves has increased and it has increased by $ 2.184 billion to $ 657.96 billion. SDR has increased by $ 308 million to $ 18.54 billion. However, during this period, the reserve deposited in the International Monetary Fund has decreased and it has decreased by $ 71 million to $ 4.38 billion.

India is the fourth largest country in the world.

The reserve will reach $746 billion by March 2026 According to a Bloomberg report, Bank of America has said that India's foreign exchange reserves will increase to $746 billion by March 2026. This will help the RBI to control the weakness in the rupee. According to the report, India has sufficient foreign exchange reserves compared to other emerging markets. India is the fourth largest country in the world in terms of holding foreign exchange reserves.