Monday, March 24, 2014

india forex reserves rise

Investors out side india finding india is a good place to invest and investing in indian markets. As result India's foreign exchange reserves continued upward trend for the third straight week, expanding by $1.838 billion to $297.28 billion in the week ended March 7 on a rise in the currency assets. India's foreign exchange reserves rose $1.838 billion in a single week to March 14 as overseas investors poured in funds to buy stocks and bonds in local marketson hopes that a stable government. The forex reserves stood at $297.287 billion at the end of that week, Reserve Bank of India said in its weekly statistical report. Net purchases in stocks and bonds have amounted to over $3.5 billion in March alone. The BSE Sensex scaled 22,020 earlier this week and the rupee gained on positive dollar flow.Foreign currency assets for the week rose $1.842 billion to $269.814 billion. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as euro, pound and yen held in the reserves, the central bank said.Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund (IMF).