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India has 5th largest foreign exchange reserves worldwide. What does it means?

Shortpedia

Content Team
Image Credit: shortpedia

India's foreign exchange reserves surpassed $500 billion valuation, making it the fifth largest foreign exchange reserves in the world. Key developments such as current-account surplus in the first quarter, a return of inflows into the local stock market and foreign direct investment led to the boost in the reserves. This is enough to cover 13 months of imports and is equivalent to nearly a fifth of the country's GDP.