| Date: |
27-06-2015 |
| Subject: |
India's foreign exchange reserves crosses $355 billion for the first time |
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KOLKATA: India's foreign exchange reserves has crossed $355 billion for the first time, Reserve Bank of India data showed.
The reserves rose $1.171 billion in the week to June 19 to $355.459 billion with the central bank intervening in the forex market to nullify the impact of steady dollar flows.
Rupee gains with strong dollar flows but this makes exports less remunerative. RBI sterilises the flow to prevent the rupee gaining sharply when it wants to keep Indian exports competitive in the international market.
RBI does not give any reason behind the weekly movement in the reserves. The rupee closed at 63.62 a dollar compared to previous Friday's 63.52.
RBI data showed that foreign currency assets rose $1.136 billion to $330.717 billion. Foreign currency assets constitute the bulk of the reserves and reflect the change in the value of reserves held in other global currencies, including the euro, pound and yen due to exchange rate movements. Gold reserves remained unchanged at $19.340 billion.
Source : economictimes.indiatimes.com
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