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India’s International Reserves: How Diversified?

In: Emerging Asia

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  • Sasidaran Gopalan

Abstract

India has been stockpiling international reserves at an impressive pace during the last two decades or so. Reserves have sky-rocketed from around USD 5–6 million in 1991 to nearly USD 300 billion in mid-2008, among the highest in the world after China and Japan. India’s reserves took a dip in mid-2008, following the reversal of capital flows induced by the global financial crisis as the RBI attempted a partial defense of the Indian Rupee to moderate the pace of its depreciation. However, as the crisis abated and the country saw the Congress-led government return to power in May 2009, foreign capital has begun surging back to India once again, helping the country to rapidly rebuild its foreign exchange reserves (Figure 19.1).

Suggested Citation

  • Sasidaran Gopalan, 2011. "India’s International Reserves: How Diversified?," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Emerging Asia, chapter 19, pages 112-115, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-30627-1_19
    DOI: 10.1057/9780230306271_19
    as

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