(Bloomberg) -- India’s foreign exchange reserves increased to a record high of $651.5 billion last week, as foreigners pile into its bonds ahead of their...
-- India’s foreign exchange reserves increased to a record high of $651.5 billion last week, as foreigners pile into its bonds ahead of their inclusion into JPMorgan Chase & Co. flagship emerging market debt index.Billionaire-Friendly Modi Humbled by Indians Who Make $4 a DayThe figure cited by Reserve Bank of India Governor Shaktikanta Das when announcing the latest monetary policy decision on Friday stands to be an increase of $4.
The pace of overseas flows into securities that are eligible to be included in the index, known as Fully Accessible Route notes, picked up at the end of last month. The stream of money continued this week, with investors undeterred by the poor showing of Prime Minister Narendra Modi’s party in the election.
Even so, the rupee has barely budged against the dollar, compared with an appreciation of the won, the baht and the ringgit this month. “Maintaining the perception of macro and financial stability would be key for the central bank at this stage,” said Jean Chia, global chief investment officer at Bank of Singapore. She sees the rupee appreciating to 83 per dollar by December, from about 83.41 on Friday.
Reserve Bank Of India Jpmorgan Chase & Co. Foreign Exchange Reserves Shaktikanta Das
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