 "Foreign exchange reserves rose by $ 1.09 bn")
Foreign exchange reserves rose by $ 1.09 billion for the week ending March 7 to $ 295.45 billion, back to the level seen at the start of the financial year 2013-14. The latest Reserve bank of India (RBI) data shows that for the week ending April 26, the reserve position was at $ 296.37 billion.
Foreign currency assets, a key component of reserves rose by $ 1.07 billion to $267.97 billion. Gold reserves remained unchanged during the week.
Foreign exchange reserves had hit a 39 month low on 6 September when it touched $ 274 billion. Following several steps taken by the central bank to encourage inflows, the reserves started rising.
According to currency dealers due to the growing foreign exchange reserves of RBI, India is better placed to face further tapering by the US Fed.
Foreign currency assets, a key component of reserves rose by $ 1.07 billion to $267.97 billion. Gold reserves remained unchanged during the week.
Foreign exchange reserves had hit a 39 month low on 6 September when it touched $ 274 billion. Following several steps taken by the central bank to encourage inflows, the reserves started rising.
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For the week under review, the Special Drawing Rights (SDRs) rose by $ 12.6 million to $ 4.48 billion, while India's reserve position with the International Monetary Fund was up $ 5.7 million to $ 2.01 billion.
According to currency dealers due to the growing foreign exchange reserves of RBI, India is better placed to face further tapering by the US Fed.