India's forex reserves near record high

Aug 04 2014, 12:03 IST
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India's foreign exchange reserves of $320.56 billion in the week to August 1 are close to surpassing a record high of $320.785 billion in September 2011. India's foreign exchange reserves of $320.56 billion in the week to August 1 are close to surpassing a record high of $320.785 billion in September 2011.
SummaryCurrent foreign exchange reserves cover a little over eight months of imports.

India's foreign exchange reserves of $320.56 billion in the week to August 1 are close to surpassing a record high of $320.785 billion in September 2011.

Traders say RBI's intervention in the foreign exchange markets is the key reason for build up in reserves.

Current reserves cover a little over eight months of imports analysts say.

RBI bought a net $11.3 billion of up to one-year forwards in June, almost erasing its forward obligations.

It had bought $1.8 billion in the spot market in May, latest bulletin data showed.

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