After the $10 billion forex swap undertaken by the central bank on February 28, when it bought dollars against rupee to inject liquidity in the system, the country's foreign exchange reserves saw a huge $15.267 billion spike during the week ended March 7.
India's foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday.
India’s forex reserves contracted by USD 3.7 billion to USD 701.18 billion as of October 4, data shared by the Reserve Bank of India said on Friday.
India's forex reserves increased by $2.299 billion to a new high of $683.98 billion for the week ended August 30, the Reserve Bank of India (RBI) data showed on Friday.
On August 2, the forex kitty had soared to a lifetime high of $674.9 billion after which it declined by $4.8 billion to $670.1 billion for the week ended August 9.
The Government has been promoting the with the aim to enhance India's energy security, reduce import dependency on fuel, save foreign exchange and address environmental issues.
According to the RBI's weekly statistical supplement, India's forex reserves fell by $2.471 billion to $604.004 billion for the week ended April 8.
The forex kitty declined by USD 2.10 billion to USD 619.365 billion for the week to August 13 due to a fall in the core currency assets and gold
One important measure announced in the budget was the intention to tap the overseas money market for the first time for Government borrowing, with an eye to boost foreign institutional inflows.
A strengthening dollar against major currencies overseas and weak domestic equity market weighed on the local unit, forex traders said. However, softening crude oil prices restricted the rupee's fall, they added.
