Reserve Bank of India
Indian private bank promoters can now hold 15 percent stake in their entities as against 10 percent earlier, according to new guidelines issued by the Reserve Bank of India (RBI) on Thursday. In Picture: The RBI seal pictured on a gate outside the RBI headquarters in Mumbai Oct.29 2013.Reuters file

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.

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