Self Reliant India (Foreign exchange reserves)

 

Foreign exchange reserves is very important for any country to maintain, it is very important for any country to survive Internationally. Foreign exchange reserves are cash and other reserve assets (especially gold)  held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. In India Reserve Bank Of India is the institution who takes care of the foreign reserves. 

Foreign exchange reserves is also known as also called Forex reserves or FX reserves. It depicts how much the capacity a country holds in paying off its debts. Apart from debts payment it also show the financial position of a country Internationally. Adequate foreign reserve show the country is financially strong and stable.

The countries who hold the top 10 positions in maintaining the foreign reserves are China, Japan,Switzerland,Russia,India,Taiwan,Saudi Arabia,Hong Kong,South Korea, Brazil. The names mentioned here are according to the ranks.

China holds the top position in maintaining foreign exchange reserves with nearly
$3298 Billion followed by Japan. India holds the fifth position globally with nearly $537.5 Billion. For maintaining the foreign reserves the contribution of people are very important and people should contribute their part efficiently.