India's foreign exchange re serves hit a record high at $363.5 billion for the week ended June 3, mostly due to the RBI taking delivery of its forward-dollar contracts and dollar buying in spot foreign exchange markets, analysts said.
The RBI's reserves increased by $3 billion last week from $360.2 billion a week before, official data showed. One analyst said the RBI had $1.8 billion in forwards maturing for the end of May , which may have led to the increase in reserves.
Valuation adjustment for other foreign currencies in the reserves may also have led to the increase, analysts said.
The RBI's reserves increased by $3 billion last week from $360.2 billion a week before, official data showed. One analyst said the RBI had $1.8 billion in forwards maturing for the end of May , which may have led to the increase in reserves.
Valuation adjustment for other foreign currencies in the reserves may also have led to the increase, analysts said.
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