Q: What is foreign exchange reserve ?

Ans: Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies. These reserves are used to back liabilities and influence monetary policy. It includes any foreign money held by a central bank, such as the U.S. Federal Reserve Bank. 

A recent Reserve Bank of India report shows that India's total foreign exchange reserves stood at $595 billion in Q2 2023. This includes foreign currency assets, gold, special drawing rights (SDRS, or supplementary reserve assets maintained by the IMF) and reserve position in the IMF.

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