India’s forex reserves touch fresh high
16/08/2016 15:13
Marking a second straight weekly gain, the country’s foreign exchange reserves have reached a new all-time high driven by a surge in gold reserves, putting Asia’s third biggest economy on a good stead in the wake of continued global headwinds including Brexit jitters, China slowdown, falling commodity prices and uncertainty over US interest rate outlook.
Foreign exchange reserves rose by USD 253.6 million to USD 365.749 billion in the week to August 5, 2016, the Reserve Bank of India (RBI) said.
In the week ended July 29, 2016, India’s forex reserves climbed by USD 2.8 billion to USD 365.4 billion from the prior 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 fell by USD 765.4 million to USD 340.278 billion from the previous week, the RBI added. Foreign currency assets are the biggest component of the overall forex reserves.
Gold reserves surged by USD 1.008 billion to USD 21.584 billion in the week ended August 5.
The RBI has been bolstering its foreign exchange reserves kitty ahead of the FCNR (B) maturities set for September which is expected to cause an outflow of about USD 30 billion.
Further, robust foreign fund inflows may continue into India as a strong monsoon and the clearance to the long pending GST bill bolsters the country’s macro-economic outlook while leading global central banks stick to a dovish policy stance.
16/08/2016 15:13
Foreign exchange reserves rose by USD 253.6 million to USD 365.749 billion in the week to August 5, 2016, the Reserve Bank of India (RBI) said.
In the week ended July 29, 2016, India’s forex reserves climbed by USD 2.8 billion to USD 365.4 billion from the prior 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 fell by USD 765.4 million to USD 340.278 billion from the previous week, the RBI added. Foreign currency assets are the biggest component of the overall forex reserves.
Gold reserves surged by USD 1.008 billion to USD 21.584 billion in the week ended August 5.
The RBI has been bolstering its foreign exchange reserves kitty ahead of the FCNR (B) maturities set for September which is expected to cause an outflow of about USD 30 billion.
Further, robust foreign fund inflows may continue into India as a strong monsoon and the clearance to the long pending GST bill bolsters the country’s macro-economic outlook while leading global central banks stick to a dovish policy stance.
