India's forex reserves rise $1.2 billion to hit $371 billion

Posted by Daily Shipping Times on 02-05-2017        Tweet

MUMBAI: India' foreign exchange reserves rose $1.2 billion to reach $371 billion for the week ended April 21 said the Reserve Bank of India as foreign investors bought more than $400 million into Indian stocks and bonds.

With the Rupee appreciating against the dollar and the gains in the market attracting foreign investors to the country's market, the banking regulator could be buying dollars to the reserves of the country, said market sources.

Buoyed by strong international indicators and domestic political stability India's currency has been steadily appreciating over the last few weeks which has allowed the RBI to shore up sufficient foreign currency assets.

The country's gold reserves were stagnant at $19.86 billion.

However, SDRs' value gained $5 million to $1.45 billion. The country's reserve position with the IMF inched higher by $7.7 million to $2.33 billion.

According to data shared by NSDL, Rs 22,758 crore for the month of April in both equities and debt markets. The total investment by foreign investors into India stood at Rs 91,385 crore.