Forex Re­serves Rise by $2 bil­lion

The Economic Times - - Companies -

In­dia’s for­eign ex­change re­serves rose by al­most $2 bil­lion for the sec­ond week run­ning as for­eign port­fo­lio in­vestors brought in dol­lars to in­vest in In­dian mar­kets, re­ports Our Bureau. For­eign ex­change re­serves are at $313.8 bil­lion as of May 9, up $1.97 bil­lion over the pre­vi­ous week, ac­cord­ing to data re­leased by the RBI. Al­most the en­tire growth in re­serves com­pris­ing cur­ren­cies, gold and spe­cial draw­ing rights — a cur­rency with the IMF — has been be­cause of a rise in for­eign cur­rency as­sets.

For­eign in­vestors have been steadily in­creas­ing their ex­po­sure to In­dian eq­ui­ties, more so since April, on the hope that the new govern­ment led by BJP’s Naren­dra Modi would be more growth ori­ented. Re­serves have risen by al­most $10 bil­lion since April.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.