Mumbai - After a gap of four years, India's foreign
exchange reserves touched a new lifetime high at $322.135 billion for
the week ended January 16, driven by higher inflows and lower outgo of
forex on account of a big slump in global crude prices.
The reserves jumped by $2.66 billion to reach $322.135 billion during the week, the Reserve Bank data showed yesterday.
The forex kitty for the first time had crossed $320 -billion mark ($320.79 billion) for the week ended 2 September 2011.
"Strong FII inflows and reduction in import burden due to a record fall in oil prices have led to accumulation of the reserves," Harihar Krishnamoorthy, Treasury Head at FirstRand Bank, told PTI.
Overseas investors have pumped in $3,442.29 million into Indian market markets in this month so far, according to the data given by Central Depository Services.
"Dollar selling from exporters in the market has contributed towards higher forex reserves," said a chief dealer with a state-owned bank.
Analysts also attributed the rise in the reserves to the likely buying of dollars by the RBI.
Read more Click here / www.trade4x.net
The reserves jumped by $2.66 billion to reach $322.135 billion during the week, the Reserve Bank data showed yesterday.
The forex kitty for the first time had crossed $320 -billion mark ($320.79 billion) for the week ended 2 September 2011.
"Strong FII inflows and reduction in import burden due to a record fall in oil prices have led to accumulation of the reserves," Harihar Krishnamoorthy, Treasury Head at FirstRand Bank, told PTI.
Overseas investors have pumped in $3,442.29 million into Indian market markets in this month so far, according to the data given by Central Depository Services.
"Dollar selling from exporters in the market has contributed towards higher forex reserves," said a chief dealer with a state-owned bank.
Analysts also attributed the rise in the reserves to the likely buying of dollars by the RBI.
Read more Click here / www.trade4x.net
No comments:
Post a Comment