Follow Us:
Saturday, June 25, 2022

Forex reserves rise for 4th week to hit new record

Forex reserves have been steadily rising over the last one year on the back of aggressive dollar purchases by the RBI from the market.

By: ENS Economic Bureau | Mumbai |
February 14, 2015 1:55:10 am

Foreign exchange reserves rose for the fourth straight week to hit a new record high of $330 billion as of February 6, data from the Reserve Bank of India showed. Forex reserves rose by $2.12 billion in the week ended February 6 and were up $37.88 billion year-on-year. Forex reserves have been steadily rising over the last one year on the back of aggressive dollar purchases by the RBI from the market.

[related-post]

The RBI bought a massive $29.2 billion from the spot dollar/rupee market between April and December 2014 and, along with purchases in the forwards market, the total buying was around $75 billion. Ever since large outflows from the local bond market dragged the rupee to an all-time low of 68.85/$ in August 2013 and drove up bond yields by 100 bps, the central bank has been cautiously building reserves.

Subscriber Only Stories
Skin Allergies In Children – What parents need to know?Premium
What makes KuCoin P2P Trading Platform a Good Choice To Buy Crypto?Premium
Airtel Demonstrates Immersive Video Entertainment On 5G; Recreates Kapil ...Premium
Is It A Good Idea To Keep One Account For All Your Financial Transactions?Premium

Hot Offer Putin claims victory in Mariupol, leaving Ukrainian defenders holed up Subscribe Now

📣 Join our Telegram channel ( The Indian Express ) for the latest news and updates

For all the latest Business News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard

Featured Stories

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
X