Forex reserves jump $4 billion to new high of $387 billion

Posted by Daily Shipping Times on 10-07-2017        Tweet

MUMBAI: Foreign exchange reserves jumped by a massive $4.01 billion to touch a record high of $386.54 billion as on June 30, compared with $382.53 billion in the previous week, the Reserve Bank of India said in its weekly statistical supplement on Foreign currency assets (FCAs), the largest component of the foreign exchange reserves, increased to $362.39 billion from $358.66 billion in the previous week.

So far in 2017, the foreign exchange reserves have grown 7.3 % and have touched record levels seven times since April, as the RBI aggressively bought dollars to prevent a sudden jump in the rupee.

The Central Bank has been buying dollars, both in the spot market as well as in the forward market, to limit the appreciation of the local currency, which has been gaining steadily, traders said.