India's foreign exchange
reserves touched a record $322 billion, surpassing the previous high of almost
$321 billion in September 2011 on the back of RBI's conscious efforts to build
a war chest.According to latest data
released showed an accretion of $2.7 billion during the week ended January 16,
essentially due to a rise in foreign currency assets.
Market players said RBI has
been buying dollars to ensure that the rupee stays strong. The Indian currency
closed at 61.44 to a dollar on Friday.
Globally, India has the ninth
highest forex reserves with China, Japan and Saudi Arabia leading the chart.Overseas funds bought a
record $42 billion of Indian stocks and bonds in 2014 and have invested $3.1
billion so far this year. There are expectations of higher inflows after the
European Central Bank announced a $1.2 trillion stimulus on Thursday,
especially when the other emerging market economies are on a weaker wicket
compared to India.
