| Date: |
05-04-2014 |
| Subject: |
Forex kitty above $300 billion after 2 years |
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MUMBAI: Boosted mainly by the government's 9% stake sale in Axis Bank, a large chunk of which was bought by foreign investors, and also the buyback of forex which was given to oil companies last year, India's foreign exchange reserves jumped a massive $5 billion during the week ended March 28 to go past the $300 billion mark after over two years. The figure was last above this mark in December 2011.
The latest RBI data showed India's forex reserves at $303.7 billion. Over the last few weeks, relentless buying of stock by FIIs also helped add to India's reserves, market players said. The all-time high forex reserves were recorded in February 2011 at $323 billion.
According to RBI, for the week ended March 28, foreign currency assets, a major part of the overall reserves, jumped by $5 billion to $276.4 billion. This also incorporated the effects of appreciation of the rupee against the dollar, and also against other major currencies.
Source : timesofindia.indiatimes.com
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