Forex Reserves $2 Billion Away From Fresh Record
Gold reserves decreased by $1.8 billion to $84.5 billion during the week.
India's foreign exchange reserves rose to $702.78 billion for the week that ended on June 27, nearing a peak set last year. The country's forex kitty added $4.849 billion over the previous reporting week, according to data from the Reserve Bank of India on Friday.
In the previous reporting week, reserves had risen by $2.25 billion to $698.95 billion.
The RBI's forex holdings have steadily recovered and are currently on an upwards streak towards their record high after a steep fall from their peak of $704 billion at the end of September.
Foreign investors have pulled out $6.3 billion from the country's debt and equity markets so far this year, according to data from the National Securities Depository Ltd.
For the week ended June 27, foreign currency assets—a major component of the reserves—rose $5.42 billion to $594.82 billion, according to the RBI data. In dollar terms, foreign currency assets include the effect of the appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves.
Gold reserves decreased by $1.8 billion to $84.5 billion during the week.
India ranks as the fourth-largest holder of foreign exchange reserves, sufficient to cover nearly a year of imports. The country's forex holdings are the fourth largest, after China, Japan and Switzerland.
