India's foreign exchange reserves have doubled in the past decade. The cushion means better external debt metrics and a more stable currency, particularly compared to the volatility seen during the taper tantrum episode of 2013, according to a Business Standard analysis.

       Due to increased capital flows, India accumulated over $100 billion worth of reserves during the pandemic. It lost roughly the same amount in the first nine months of 2022 due to policy tightening by the US Federal Reserve, which led to capital outflows. However, India quickly managed to regain the lost level. Forex reserves touched a record $642.63 billion

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