The Institute of Economic Growth has forecast a depletion in the foreign exchange reserves to $79 billion in August mainly due to over $4 billion dollar payout of Resurgent India Bonds.
India's foreign exchange reserves surged ahead in the first week of the new fiscal following fresh accretion of over $1 billion to move past the record levels of $112 billion during the week ended April 2, 2004.
Foreign exchange reserves climbed further by $ 402 million to a new record high of $109.998 billion during the week ended March 19 from $109.596 billion a week ago.
India's foreign exchange reserves continued to rise to record levels with fresh inflows of $588 million to touch $77.598 billion during the week ended May 2.
