India s forex reserves rise to nearly $400 bn

Mumbai Sep 9 (IANS) Continuing a recent trend Indian foreign exchange reserves shot up by a massive $3.572 billion to touch a high of $398.122 billion for the week ended September 1 Reserve Bank of India (RBI) data showed on Friday.

The country s foreign currency assets (FCAs) a major portion of the overall reserves increased by $2.808 billion to $373.641 billion for the week in consideration.

According to the latest RBI data while gold reserves also rose by $748.3 million to $20.691 billion India s special drawing rights (SDRs) with the International Monetary Fund increased by $6.5 million to $1.506 billion.

The special drawing rights with the International Monetary Fund (IMF) increased by $6.5 million to $1.506 billion the apex bank said.

In the previous week the reserves had increased by $1.148 billion to $394.55 billion.

The inflow of foreign currency into the Indian equity and debt markets have contributed substantially to the impressive rise in reserves.

--IANS
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