India's forex kitty drops in final week of march, FY'21 mop-up highest ever | Editorji
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India's forex kitty drops in final week of march, FY'21 mop-up highest ever

Apr 03, 2021 11:04 IST | By Editorji News Desk

India's forex reserves declined by $2.9 billion to reach $579.28 billion in the week ended March 26, this marks a total up mop up of $101.5 bn in FY21 the highest ever rise in a single financial year. 

At $579.2 billion India's forex kitty is ranked third in the world after Japan and China. 

India's forex cover has grown over 5 times since 2003 when it hit $100 bn for the first time in December 2003. Experts see the kitty growing to over $640 bn by FY'22 fiscal year end. 

India currently has an import cover of nearly 18 months. 

 

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