India’s Forex Kitty Surges to Record $361 b
Mumbai: India’ foreign exchange reserves continued their upend, rising $1.3 billion to reach a record high of $361.6 billion for the week ended April 22, said the Reserve Bank of India. A section of the market attributed the rise to the fact that the RBI has continued to buy dollars on account of the appreciating rupee. However, with improving macro-economic situation and on the hopes of a good monsoon, foreign investors have pumped in dollars into the system.
As per NSDL data, foreign institutional investors have become net buyers by investing .₹ 14,834 crore in the month of April.— Our Bureau