India ranks 4th globally in foreign exchange reserves, check which countries are at top | LIST

India's foreign exchange reserves swelled to a record high of $675 billion on August 2, before declining to $4.8 billion to finish at $670.12 billion for the week ending on August 9.

India ranks fourth globally in terms of foreign exchange reserves, surpassing the United States in this category. The US forex reserves were recorded at $35.2 billion in June 2024, down from $35.8 billion in May, as per data by the US Treasury Department.

China by far has the largest amount of foreign exchange reserves, totalling $3.222 trillion in June 2024, dropping from $9.7 billion in May. This happened after the dollar strengthened by 1.1% against a basket of other major currencies.

Japan comes at number 2 with $1.231 trillion in forex reserves recorded at the end of June 2024, a drop of $77 million from May. It was one of the only two countries, along with China, which had more than $1 trillion in forex reserves at the start of this year.

Switzerland is ranked third globally in this category, with $791.6 billion in foreign exchange reserves as of June 2024, compared to $795.4 billion in May. Switzerland reached an all-time high of $1,033.8 billion in December 2021.

India reached an all-time high of $675 billion in August 2024 and a record low of $29.048 billion in September 1998. Changes in foreign currency assets are impacted by the Reserve Bank of India as well as the appreciation or depreciation of foreign assets held in the reserves.

India is followed by Russia ($606.1 billion), Taiwan ($568.1 billion), Saudi Arabia ($455.2 billion), Hong Kong (425.1 billion), South Korea ($419.3 billion) and Mexico ($226.4 billion). The United States is ranked at 14th position globally.