| Date: |
19-09-2015 |
| Subject: |
Forex reserves rise above $350 billion again |
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KOLKATA: India's foreign exchange reserves rose $2.359 billion in the week to September 11, halting a couple of weeks' fall, data released by Reserve Bank of India showed.
Reserves has again crossed the $350 billion mark to $351.390 billion.
Foreign currency assets, which accounts for 93% of reserves, grew $2.3111 billion to $327.968 billion in the reporting week. Foreign currency assets, reflect the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.
"India has great fundamentals. The foreign direct investment will be the key pillars for capital flow to come here," YES Bank Chief Economist Shubhada Rao said in Kolkata.
Dollar selling by the central bank wiped out $6.3 billion in two weeks before this reporting week as RBI tried to prevent sharp depreciation of the local currency.
The rupee closed 65.77 a dollar Friday, gaining 69 paise after the US Federal Reserves deferred the plan to squeeze money supply to December.
"The rupee is expected to trade in the 65-66 a dollar range for the next few months," CARE Ratings Chief Economist Madan Sabnavis said.
Source : economictimes.indiatimes.com
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