MUMBAI: India's foreign exchange reserves hit another record high having reached $375.7 billion backed by a rise of $2.9 billion for the week ended May 5 according to the Reserve Bank of India. The previous high was reported at $372 billion in the previous week.Backed by the strong inflow of foreign currency and strengthening of the Rupee the RBI is thought to have intervened in the market by mopping up foreign currency assets, said market sources. The rise was also supported by revaluation of gold assets with the central bank whose valuation increased by around $570 million backed by the rise of global bullion prices.Market sources said that the foreign exchange holdings of the RBI are expected to rise further unless any global event halts inflows.According to data released by NSDL, around Rs 96703 crore has been pumped into the Indian equities and debt market this year till May.
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Forex reserves at life-time peak of USD 375.71 billion
Foreign currency assets a major component of the overall reserves, rose by USD 2.474 billion to USD 351.53 billion in the reporting week. Mumbai: The forex reserves touched a fresh life-time high of USD 375.71 billion after rising by USD 2.985 billion in the week to May 5, helped by increase in foreign currency assets, the Reserve Bank said. The reserves had risen by USD 1.594 billion to USD 372.73 billion in the previous week. Foreign currency assets (FCAs), a major component of the overall reserves, rose by USD 2.474 billion to USD 351.53 billion in the reporting week, the RBI said. After remaining stable for past few weeks, gold reserves rose by USD 569.9 million to USD 20.438 billion, the central bank said.
Each foreign tourist gives India Rs 1.76 lakh in foreign exchange India has seen a steady rise in foreign tourists in the last decade and a half. Foreign exchange earned through tourism has steadily increased and the rise has been substantially faster than tourist arrivals. What's better? MUMBAI: The forex reserves touched a fresh life-time high of $375.71 billion after rising by $2.985 billion in the week ending May 5, helped by increase in foreign currency assets , the Reserve Bank said.The reserves had risen by $1.594 billion to $372.73 billion in the previous week.Foreign currency assets (FCAs), a major component of the overall reserves, rose by $2.474 billion to $351.53 billion in the reporting week, the RBI said.Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.After remaining stable for past few weeks, gold reserves rose by $569.9 million to $20.438 billion, the central bank said.The special drawing rights with the International Monetary Fund decreased marginally by $0.4 million to $1.459 billion.The country's reserve position with the Fund, too, declined by $58.4 million to $2.288 billion, the RBI said.
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