| Date: |
22-03-2014 |
| Subject: |
India's forex reserves rises $1.8 billion in week to March 14 |
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KOLKATA: India's foreign exchange reserves rose $1.838 billion in a single week to March 14 as overseas investors poured in funds to buy stocks and bonds in local markets on hopes that a stable government.
The forex reserves stood at $297.287 billion at the end of that week, Reserve Bank of India said in its weekly statistical report.
Foreign portfolio investors were seen buying stocks aggressively as they feel a stable government could be firm on policies and push economic reforms. Net purchases in stocks and bonds have amounted to over $3.5 billion in March alone.
The BSE Sensex scaled 22,020 earlier this week and the rupee gained on positive dollar flow.
Foreign currency assets for the week rose $1.842 billion to $269.814 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, pound and yen held in the reserves, the central bank said.
Reserves in gold remained unchanged at $20.978 billion.
Source : economictimes.indiatimes.com
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