Forex reserves now at $365.4 bn, up by almost $3 bn.

MUMBAI: India's foreign exchange reserves rose $2.8bn to reach $365.4bn said the Reserve Bank of India for the week ended July 29.

The RBI has been steadily accumulating foreign exchange reserves preparing for the FCNR(B) maturities that are slated to come up in the month of September which can cause an outflow of roughly $30 billion.

"It has also been intervening in the markets thereby absorbing short term inflows and keeping Rupee in sync with regional movements. Net intervention purchases likely continued into July, as the INR shrugged post-Brexit jitters and strengthened past 67.00," said Radhika Rao, economist, DBS Bank.

Further overall improvement in the monsoon scenario of the country which has the potential to give a huge fillip to rural demand and also passage of the long held back Goods and Services Tax, Indian equities market have received foreign funds inflow to the tune of Rs 34,070 crore as per data from NSDL.

Source : economictimes.indiatimes.com