India's forex reserves continue upward journey

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India's forex reserves continue upward journey
India's foreign exchange reserves rose at the fastest pace in four months in the week ended March 28, 2014 as the Reserve Bank of India (RBI) continued to shore up dollars while foreign investors poured in funds into the Indian equity and debt market amid optimism ahead of the general elections in April-May.

Forex reserves rose by USD 5.04 billion to USD 303.67 billion in the week ended March 28, 2014 from the previous week, data from the RBI showed on Friday. This was the fifth straight week of gains in India's forex reserves.

In the week ended March 21, 2014, India's forex reserves had risen to USD 298.64 billion.Foreign currency assets, which are expressed in dollar terms and include the effect of appreciation or depreciation of non US currencies such as euro, pound and yen held in reserves, rose by USD 5.01 billion to USD 276.41 billion in the week ended March 28, 2014 from the previous week, the RBI added.

Foreign currency assets are the biggest component of the overall forex reserves. India's gold reserves stood unchanged at USD 20.97 billion in the week ended March 28, 2014 from the previous week, data showed.

Dion Global Solutions Ltd.

Story first published: Monday, April 7, 2014, 9:11 [IST]
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