Don’t miss the latest developments in business and finance.

Forex reserves near record high, cover over eight months of imports

Image
Reuters
Last Updated : Aug 04 2014 | 11:56 AM IST

Reuters Market Eye - India's foreign exchange reserves of $320.56 billion in the week to Aug. 1 are close to surpassing a record high of $320.785 billion in September 2011.

Traders say RBI's intervention in the foreign exchange markets is the key reason for build up in reserves.

Current reserves cover a little over eight months of imports analysts say.

RBI bought a net $11.3 billion of up to one-year forwards in June, almost erasing its forward obligations.

It had bought $1.8 billion in the spot market in May, latest bulletin data showed.

(Reporting by Swati Bhat)

Also Read

First Published: Aug 04 2014 | 11:25 AM IST

Next Story