By: ENS Economic Bureau | New Delhi | Up to date: De
The continued influx of funds by international buyers regardless of a slowdown in financial development has fuelled the rise in foreign exchange reserves. (Representational Picture)
Driving on the elevated movement of funds by international portfolio buyers (FPIs) and rise in international direct funding (FDI), international alternate reserves continued their surge for the 11th straight week, rising by $2.three billion within the week ended December 6, 2019 to hit an all-time excessive of $453.four billion.
In accordance with the weekly foreign exchange knowledge launched by the Reserve Financial institution of India, whereas the foreign exchange reserves have grown by $24.eight billion over the past 11 weeks for the reason that Finance Minister introduced a lower within the company tax charge on September 20, it has jumped by $60 billion within the present calendar yr.
The continued influx of funds by international buyers regardless of a slowdown in financial development has fuelled the rise in foreign exchange reserves. Whereas the FDI within the first half of the present monetary yr amounted to $35 billion (as per knowledge supplied by the federal government on Friday), the FPIs have pumped in a web of $10.7 billion into the…