Forex reserves near record high, cover over eight months of imports

Tags: News
India's foreign exchange reserves of $320.56 billion in the week to Aug. 1 are close to surpassing a record high of $320.785 billion in September 2011.

Traders say RBI's intervention in the foreign exchange markets is the key reason for build up in reserves.

Current reserves cover a little over eight months of imports analysts say.

RBI bought a net $11.3 billion of up to one-year forwards in June, almost erasing its forward obligations.

It had bought $1.8 billion in the spot market in May, latest bulletin data showed.

EDITORIAL OF THE DAY

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Look, who's blowing his own Trump(et)

Traditionally, major political events in the United States are followed ...

Zehra Naqvi

Deliciously desi

What’s the best way to spend a chilled-out weekend all ...

Bubbles Sabharwal

Good or bad, say thanks to the universe

It is true, life is richer than fiction. If we ...