Budget 2022: Forex reserves at all-time high

India's foreign exchange reserves stood at a robust $634 billion during the nine months of FY22. The country currently has one of the highest forex reserves in the world (as of November 30, 2021) after China, Japan and Switzerland, equivalent to 13.2 months of import, and higher than the country's external debt. Balance of payments has remained in surplus throughout the last two years despite Covid-19-led disruptions.