India's forex reserves rise to $313. 54 bn

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India's forex reserves rise to $313. 54 bn
India's foreign exchange reserves rose at an impressive pace in the week ended June 13 as overseas investors pumped in funds into the nation's capital markets amid hopes that the new Narendra Modi government will take concrete measures to revive growth in Asia's third biggest economy, which has grown below the 5 per cent mark for the past several quarters.

Forex reserves rose by USD 950.9 million to USD 313.536 billion in the week ended June 13, 2014 from the previous week, data from the Reserve Bank of India (RBI) showed on Friday.

In the week ended June 6, 2014, India's foreign exchange reserves rose by USD 203.2 million to USD 312.585 billion over the previous week.

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 958.5 million to USD 286.589 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 20.790 billion in the week ended June 13, 2014 from the previous week, data showed.

Dion Global Solutions

Read more about: forex, capital market
Story first published: Monday, June 23, 2014, 9:20 [IST]
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