MUMBAI: India's foreign exchange reserves rose $1.1 billion to reach almost $368 billion for the week ended march 24, said the Reserve Bank of India on Friday.
This is the second successive rise of the reserves with it having risen by more than $2 billion last week.
According to market sources, the appreciation can be attributed to likely maturities in the forward market and also some spot buying by the regulator to control the appreciating value of the Rupee on the back of record inflows.
Buoyed by the landslide victory of Bharatiya Janata Party in Uttar Pradesh and a political stability under Prime Minister Narendra Modi, foreign investors have been pumping money into the Indian markets.
According to data from NSDL, foreign investors pumped in around Rs 69310 crore into Indian equities and debt markets in this year till end of March.
Source: economictimes.indiatimes.com