Forex reserves at record $365.5 billion

The increase was led almost entirely by foreign currency assets

India’s foreign exchange reserves rose $2.8 billion in the week ended July 29 to a record high of $365.5 billion, data from the Reserve Bank of India (RBI) showed.

The increase was led almost entirely by foreign currency assets as the central bank intervened in the market to accumulate dollars.

In July, foreign portfolio investors bought a record Rs 7,000 crore (Rs billion) of bonds and another Rs 11,000 crore (Rs 110 billion) in equities in the local market. RBI bought the resultant dollars even as rupee strengthened to close at 66.78 a dollar on Friday from its recent levels of above 67 against the dollar.

Data showed India’s foreign currency assets rose $2.79 billion.

Photograph: Reuters