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.
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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.
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