India’s forex reserves rise to record $251 billion

MUMBAI— India’s foreign-exchange reserves increased $3.6 billion to a record $251.3 billion in the week ended Oct. 5, suggesting the central bank bought dollars from the local currency market.

By (Bloomberg)

Published: Sun 14 Oct 2007, 8:55 AM

Last updated: Sat 4 Apr 2015, 11:25 PM

India’s foreign-currency assets increased by $3.6 billion to $243.5 billion, the Reserve Bank of India said in an e-mailed release in Mumbai. The nation’s special drawing rights with the International Monetary Fund remained unchanged at $2 million, the bank said.

Reserves with the International Monetary Fund fell by $1 million to $437 million in the week through Oct. 5, while gold reserves were held at $7.37 billion, the central bank said.

The rise in foreign-currency assets is partly because of changes in the value of the dollar against the euro, yen and other currencies during the period, the central bank said.

India’s foreign-exchange reserves rose by $86.1 billion over the past year and by $52.2 billion in the financial year that began April 1, the bank said. The reserves comprise overseas currencies, gold and special drawing rights with the International Monetary Fund.

(Bloomberg)

Published: Sun 14 Oct 2007, 8:55 AM

Last updated: Sat 4 Apr 2015, 11:25 PM

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