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Foreign exchange reserves of India : ウィキペディア英語版 | Foreign exchange reserves of India The Foreign exchange reserves of India are mainly composed of US dollar in the forms of US government bonds and institutional bonds.〔(Y V Reddy: India’s foreign exchange reserves – policy, status and issues – May 10, 2002 )〕 The main component is Foreign currency assets. As per the data furnished by the Reserve Bank of India in its weekly statistical supplement, India's total foreign exchange reserves stands at US$ 353.46 billion for the week ended July 31, 2015. 〔http://economictimes.indiatimes.com/news/economy/finance/forex-reserves-rises-918-million-to-353-5-billion/articleshow/47555240.cms〕 In this, Foreign currency assets(FCAs) was US$ 329.87 billion, while gold reserves was US$ 18.25 billion. Gold reserves in India constitute nearly 15 percent of forex. India is, co-incidentally the world's largest gold consuming nation.〔 India is at 9th position in List of countries by foreign-exchange reserves , just below South Korea , Brazil and Russia. The Economic survey of India 2014-15 said India could target foreign exchange reserves of US$ 750 billion-US$ 1 trillion. Foreign exchange reserves act as the first line of defence for India in case of economic slowdown, but acquisition of reserves has its own costs. ==Composition== Reserve Bank of India Act and the Foreign Exchange Management Act, 1999 set the legal provisions for governing the foreign exchange reserves. Reserve Bank of India accumulates foreign currency reserves by purchasing from authorized dealers in open market operations. Foreign exchange reserves of India act as a cushion against rupee volatility once global interest rates starts rising.
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