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

Related Topics

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)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Inflation Targeting

Inflation Targeting

India sets inflation target in monetary policy overhaul.  Full Article 

Rich List

Rich List

Bill Gates tops Forbes rich list, Michael Jordan joins.  Full Article 

Tough Task

Tough Task

India needs sustained GDP growth of 9-10 percent - Jaitley.  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Environment Watch

Environment Watch

Deforestation could shift monsoons, leaving India high and dry.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage