India's foreign exchange reserves rose $1.4 billion in the week ended April 24 to touch $344.6 billion, setting a new record. The Reserve Bank of India (RBI) has added close to $25 billion in the reserves kitty since January as overseas investors pumped in dollars in the local debt and equities market on the hope of an economic revival.
The rise in foreign exchange reserves was mainly on account of a $1.4 billion jump in the foreign currency assets which stood at $ 320 billion, said a data released by the central bank.
Foreign investors have been investing in the domestic market, hoping that the Indian economy will turn around soon.
Recently, the finance ministry called a high-level meeting of senior bankers and bureaucrats to discuss 85 large infrastructure projects, while all the financial regulators met to discuss ways to deepen the bond market.
The rise in the reserves also comes in the wake of rating agency Moody's decision to upgrade the outlook for India from stable to positive, while retaining the rating to investments grade Baa3. India has set an economic growth target between 8% and 8.5% for the fiscal year 2015-16 as against a growth of 7.2% in fiscal year 2014-15.
On Tuesday, World Bank pointed out that the outlook for the Indian economy has improved significantly but pegged the growth at 7.9%.
The rise in foreign exchange reserves was mainly on account of a $1.4 billion jump in the foreign currency assets which stood at $ 320 billion, said a data released by the central bank.
Foreign investors have been investing in the domestic market, hoping that the Indian economy will turn around soon.
Recently, the finance ministry called a high-level meeting of senior bankers and bureaucrats to discuss 85 large infrastructure projects, while all the financial regulators met to discuss ways to deepen the bond market.
The rise in the reserves also comes in the wake of rating agency Moody's decision to upgrade the outlook for India from stable to positive, while retaining the rating to investments grade Baa3. India has set an economic growth target between 8% and 8.5% for the fiscal year 2015-16 as against a growth of 7.2% in fiscal year 2014-15.
On Tuesday, World Bank pointed out that the outlook for the Indian economy has improved significantly but pegged the growth at 7.9%.
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