India’s forex exchange reserves expanded by $66 bn in 2024, at record high

India’s foreign exchange reserves expanded by $66 billion in 2024, marking an all-time high of $689 billion. This follows an increase of $60 billion in 2023, after a decline of $71 billion in 2022. Among the top five countries with the largest foreign exchange reserves, India saw the highest percentage growth in its reserves in 2024. India’s reserves expanded by 7.7 per cent, followed by Switzerland and China with 2.6 per cent, and 1.3 per cent growth. Russia’s reserves expanded by 1.1 per cent, whereas, Japan’s reserves fell by 5.8 per cent in the same period. (Chart-2) [As of August 9]