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India becomes world's 4th largest forex holder with record $785.7 billion
India has become the world's fourth-largest holder of foreign exchange reserves, overtaking Russia. According to Bloomberg data, India's reserves surged by a record $44.9 billion to reach $785.7 billion for the week ending September 4. This growth was primarily driven by strong dollar inflows under the Reserve Bank of India’s (RBI) Foreign Currency Non-Resident (Bank) deposits scheme.
Despite the record increase in total reserves, India's gold reserves component saw a decline of $2.59 billion, falling to $113.81 billion due to lower gold prices. The surge in foreign currency assets, which comprise the majority of the reserves, reached $648.17 billion.
To manage the resulting excess liquidity in the banking system, the RBI has announced an open market operation (OMO) to sell government securities worth Rs 1 lakh crore. These sales will be conducted in three tranches: Rs 50,000 crore on September 17, Rs 25,000 crore on September 21, and Rs 25,000 crore on September 28.
Separately, the Indian rupee faced downward pressure, closing at 95.57 against the US dollar on Friday, marking its fifth consecutive session of decline. Factors contributing to the rupee's volatility include elevated crude oil prices, rising global bond yields, and geopolitical tensions.
Entities
Bank of Japan · Brent crude · China · India · Indian rupee · Japan · Japanese yen · Kotak Securities · Reserve Bank of India · Russia · US dollar
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 5 SOURCES] The RBI will sell government securities in three tranches: Rs 50,000 crore on September 17, Rs 25,000 crore on September 21, and Rs 25,000 crore on September 28. madhyamamonline.com · bhaskarlive.in · morungexpress.com · yespunjab.com · www.socialnews.xyz
- [● 7 SOURCES] India's foreign exchange reserves reached a record $785.7 billion for the week ending September 4. madhyamamonline.com · bhaskarlive.in · hindi.business-standard.com · morungexpress.com · odishabytes.com · +2 more
- [● 7 SOURCES] India ranks fourth in foreign exchange reserves, behind China, Japan, and Switzerland. madhyamamonline.com · bhaskarlive.in · hindi.business-standard.com · morungexpress.com · odishabytes.com · +2 more
- [● 7 SOURCES] India has overtaken Russia to become the world's fourth-largest holder of foreign exchange reserves. madhyamamonline.com · bhaskarlive.in · hindi.business-standard.com · morungexpress.com · odishabytes.com · +2 more
- [● 6 SOURCES] The surge in foreign exchange reserves was driven by the Reserve Bank of India’s FCNR(B) deposits scheme. madhyamamonline.com · bhaskarlive.in · morungexpress.com · odishabytes.com · yespunjab.com · +1 more
- [● 7 SOURCES] India's gold reserves declined by $2.59 billion to $113.81 billion during the week. madhyamamonline.com · bhaskarlive.in · hindi.business-standard.com · morungexpress.com · odishabytes.com · +2 more
- [● 4 SOURCES] The Indian rupee closed down by 5 paise at 95.57 against the US dollar on Friday. nagalandpost.com · thesentimes.com · www.dtnext.in · www.news18.com
- [● 5 SOURCES] The Reserve Bank of India announced a Rs 1 lakh crore open market operation sale of government bonds to manage excess liquidity. madhyamamonline.com · bhaskarlive.in · morungexpress.com · yespunjab.com · www.socialnews.xyz