India’s foreign exchange reserves records high of $355 billion

News:

• First time ever, the reserves rose $1.171 billion in the week to June 19 to $355.459 billion.
• RBI sterilises the flow to prevent the rupee gaining sharply when it wants to keep Indian exports competitive in the international market.
• RBI data reflect that foreign currency assets rose $1.136 billion to $330.717 billion.
• Foreign currency assets constitute the bulk of the reserves and reflect the change in the value of reserves held in other global currencies, including the euro, pound and yen due to exchange rate movements.

Source: ET