India's foreign exchange reserves touched an all time high of 322.135 billion US Dollars for the week ended January 16. RBI data shows that the reserves jumped by 2.66 billion US Dollars to reach 322.135 billion dollars during the week. Strong FII inflows and reduction in import burden due to a record fall in oil prices have led to accumulation of the record forex reserves.
Ever since the Narendra Modi government came to power in May-end, foreign funds had been pumping more and more dollars into Indian equities. According to the data, overseas investors have pumped in 3,442.29 million US Dollars into Indian market markets in this month so far. Analysts also attributed the rise in the reserves to the likely buying of dollars by the RBI.
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