India's foreign exchange reserves hit $785.7 billion, 4th largest worldwide
India just hit a new milestone: its foreign exchange reserves have soared to $785.7 billion, making it the fourth-largest holder worldwide.
The RBI reported a record-breaking $44.9 billion jump in just one week, the biggest weekly boost ever.
Back in 2005, reserves were only $141.2 billion, so this is a huge leap despite ups and downs in the global economy.
India's foreign currency assets up $47.5B
Most of the surge came from a $47.5 billion increase in foreign currency assets, which make up the largest chunk of India's stash.
Right now, the reserves include $648.2 billion in foreign currency, $113.8 billion worth of gold, plus some special drawing rights and IMF holdings.
With this growth spurt, India has pulled ahead of Russia and Saudi Arabia, now sitting right behind China, Japan, and Switzerland on the global leaderboard.