INDIA'S FX RESERVES
India is among the top 10 countries with the largest foreign exchange (FX) reserves. Its total FX reserves grew ninefold to $404.2 billion on July 27, 2018, from $40.9 billion at the end of July 2001—a 13.2% compound annual growth rate (CAGR). The growth of foreign currency assets mirrors that of the total FX reserves, its biggest component over the years, at an average 93.5%. The value of gold, which accounted for an average 5.3% of the FX reserves, grew by 11.9% CAGR, from $2.8 billion to $21.2 billion. In the 891 weeks between July-end 2001 and 2018, India’s FX reserves peaked at $426.08 billion in the week ended April 13, 2018. While the value of gold stood at $21.48 billion, that of foreign currency assets touched $400.98 billion then. BY RAJIV BHUVA
