- Among the major economies with current account deficit, India is the second largest foreign exchange reserve holder after Brazil. India’s foreign exchange reserves at US$ 328.7 billion at end-January mainly comprised foreign currency assets amounting to US$ 303.3 billion, accounting for 92.3% of the total.
- However, the rupee has appreciated by 7.3%, 16.1%, and 13.6% against the pound sterling, euro, and Japanese yen respectively between March 2014 and January 2015.
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FOREIGN EXCHANGE RESERVES OF SOME MAJOR COUNTRIES |
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| SL. No. | Country | Foreign exchange reserves at end-Dec. 2014( US$ billion) |
| 1 | China | 3840.0 |
| 2 | Japan | 1312.1 |
| 3 | Switzerland | 526.6 |
| 4 | Russian Federation | 388.5 |
| 5 | Brazil | 363.6 |
| 6 | Korea, Republic of | 363.2 |
| 7 | China, P.R. Hong Kong | 344.6 |
| 8 | India | 320.6 |
| 9 | Germany | 192.7 |
| 10 | Thailand | 163.7 |
| 11 | France | 161.6 |
| 12 | Italy | 143.3 |
- The real effective exchange rate (REER) indices are used as indicator of external competitiveness of the country over a period of time.
