India forex reserves surpass Russia's

India ranked fourth in the world in terms of foreign-exchange reserves (including gold), Report informs, citing the Reserve Bank of India (RBI).

Thus, India passed Russia in the ranking.

The RBI estimates the volume of reserves at $580.29 billion, while assets amount to $539.6 billion in foreign currency, $34.2 billion in gold, in $10.9 billion in special drawing rights, and $36.1 billion in a reserve position in the IMF.

According to the latest data released by the Central Bank of Russia, as of March 5, the foreign exchange reserves (including gold) of the Russian Federation amounted to $580.1 billion. Due to this, Russia dropped its fourth position and now ranks fifth.

China tops the ranking, followed by Japan and Switzerland.

Earlier, the Reserve Bank of India recommended strengthening foreign exchange reserves. The RBI governor Shaktikanta Das said emerging market central banks should build reserves to prevent any external shocks, regardless of whether the United States oversees them.