Foreign exchange reserves of India | Wikipedia audio article
Channel: wikipedia tts
Date: 2018-11-12

This is an audio version of the Wikipedia Article:
Foreign exchange reserves of India

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SUMMARY
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The Foreign exchange reserves of India are India's holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India's national currency, the Indian rupee.  The reserves are managed by the Reserve Bank of India for the Indian government and the main component is foreign currency assets.
Foreign exchange reserves act as the first line of defense for India in case of economic slowdown, but acquisition of reserves has its own costs. Foreign exchange reserves facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.India's total foreign exchange (Forex) reserves stand at US$405.1434 billion with foreign exchange assets (FCA) component at US$380.0499 billion, gold reserves at US$21.1399 billion, SDRs (Special Drawing Rights with the IMF) of US$1.4796 billion and US$2.4740 billion reserve position in IMF in the week to July 20, 2018, as per Reserve Bank of India's (RBI) weekly statistical supplement published on July 27, 2018. The Economic survey of India 2014-15 said India could target foreign exchange reserves of US$750 billion-US$1 trillion.As of September 2017, India's foreign exchange reserves are mainly composed of US dollar in the forms of US government bonds and institutional bonds. with nearly 5% of forex reserves in gold. India is, coincidentally the world's largest gold consuming nation. The FCAs also include investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks. India is at 9th position (september 2018 ) in List of countries by foreign-exchange reserves , just below Republic of China (Taiwan) and Russia.