India's forex reserves rises $1.8 billion in week to March 14.

KOLKATA: India's foreign exchange reserves rose $1.838 billion in a single week to March 14 as overseas investors poured in funds to buy stocks and bonds in local markets on hopes that a stable government.

The forex reserves stood at $297.287 billion at the end of that week, Reserve Bank of India said in its weekly statistical report.

Foreign portfolio investors were seen buying stocks aggressively as they feel a stable government could be firm on policies and push economic reforms. Net purchases in stocks and bonds have amounted to over $3.5 billion in March alone.

The BSE Sensex scaled 22,020 earlier this week and the rupee gained on positive dollar flow.

Foreign currency assets for the week rose $1.842 billion to $269.814 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, pound and yen held in the reserves, the central bank said.

Reserves in gold remained unchanged at $20.978 billion.

Source : economictimes.indiatimes.com​