India's foreign exchange reserves surged for the third straight week to an all-time high of $355.94 billion. The country added $2.54 billion in the week ended March 18, according to the Reserve Bank of India's (RBI) weekly supplement released Friday.
The reserves had soared $2.54 billion in the preceding week and $4 billion in the week ended March 4. The previous all-time high was $355.46 billion in the week ended June 14, 2015. The country has added $14.3 billion since March 2015, the supplement said.
Foreign exchange assets (FCA), which form a major chunk of India's overall foreign exchange reserves, rose $2.50 billion in the week ended March 18, while gold reserves increased marginally to $19.32 billion.
The week ended review saw foreign institutional investors (FIIs) buying Indian equities in a big way, contributing to dollar inflows and strengthening of the domestic currency. FIIs bought equities worth Rs. 4,581 crore on a net basis, pushing the rupee to 66.51 on March 18 from a low of 67.38 to the US dollar on March 14.
FIIs total purchase of Indian equities during the week ended March 18 was worth Rs. 4,581 crore on a net basis.
The week beginning March 28 will have full-fledged trading after a holdiday-shortened week ended March 25 due to Holi and Good Friday.