| Date: |
02-08-2014 |
| Subject: |
India's forex reserves at $320.564 billion, very close to all time high |
|
KOLKATA: India's forex reserves is now at $320.564 billion, just a shade lower than the all-time high of $320.785 billion. The reserves rose a solid $2.714 billion in the week to July 25 as Reserve Bank of purchased dollar in the forex market amid steady inflows to strengthen the buffer against bad times. This is the eighth straight week when the reserves rose.
The reserve had hit the all-time high on September 2, 2011. Accumulation of reserves help central banks in preventing volatility in the forex market when foreign funds investors pull out their investment from local markets. In rupee terms, India's reserves is at Rs 19,35,340 crore.
Foreign currency assets, the major contributor to reserves, rose $2.733 billion to $293.784 billion, the central bank said. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, pound and yen. Gold reserve with RBI remained static at $20.635 billion.
Source : economictimes.indiatimes.com
|