India Forex Reserves Hit Record High
India's foreign exchange reserves climbed to a record 740.80 billion dollars in the week ending August 28. Heavy inflows from special schemes to attract dollar deposits drove the increase. The rise gives the central bank strong reserves to stabilize the rupee.
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India's foreign exchange reserves climbed to a record $740.80B in the week ended August 28, driven by heavy dollar inflows from special deposit schemes. The FX pile rose for the ninth straight week, jumping by nearly $75B over the period. The reserves surpassed the previous week's total of $729.33B, according to central bank data released on Friday morning.
