India’s Forex Reserves Top $400 billion for the First Time

According to the RBI Data, India’s foreign-exchange reserves rose past $400 billion for the first time ever, strengthening policymakers’ buffers ahead of an expected reduction in US stimulus. The stockpile stood at $400.7 billion. With the Federal Reserve set to shrink its balance sheet—details of which could be announced recently, the holdings may help the rupee withstand any volatility even if global funds turn away from India’s slowing economy.