Apple cash pile is worth two-thirds of Indian forex reserves
In its earnings report for the quarter ended April, Apple revealed that it has $256 billion in cash, which is over two-thirds of India's total foreign exchange reserves. As per RBI data, India's foreign exchange reserves stood at a little over $371 billion on April 21, 2017. Notably, India's reserves touched an all-time high of $371.99 billion in September 2016.
Mumbai, Apr 28 (PTI) Foreign exchange reserves were just short of the life-time high after rising by USD 1.250 billion to USD 371.14 billion in the week to April 21, helped by increase in foreign currency assets, the Reserve Bank said. The reserves had touched a life-time high of USD 371.99 billion in the week to September 30, 2016. In the previous week, reserves had risen by USD 889.4 million to USD 369.887 billion. Foreign currency assets (FCAs), a major component of the overall reserves, surged by USD 1.237 billion to USD 347.485 billion in the reporting week, the RBI said. Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves. 