While the foreign exchange reserves of China and Japan attract the brunt of the media's attention, India’s reserve are slowly creeping up.  Over the last two years, India’s reserves have surged by $60 Billion, and now exceed $200 Billion.  There are only five countries with reserves greater than those of India: the aforementioned China and Japan, as well as Russia, Taiwan and South Korea.  As India's economy has taken off, the reserves of its Central Bank have grown proportionately, such that India is now exposed to a great deal of exchange rate risk; should its currency, the Rupee, appreciate, the value of its reserves will fall.  Just when you thought things couldn't get any worse for the Dollar...