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

Mon Aug 4, 2014 11:25am IST

A tourist leaves a currency exchange shop at a shopping arcade in New Delhi August 20, 2013. REUTERS/Anindito Mukherjee/Files

A tourist leaves a currency exchange shop at a shopping arcade in New Delhi August 20, 2013.

Credit: Reuters/Anindito Mukherjee/Files

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Reuters Market Eye - 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.

(Reporting by Swati Bhat)

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