Phenomenol::India’s forex reserves crosses usd 400 billion

India’s foreign exchange reserves crossed the $400 billion mark for the first time ever, strengthening hopes that the country will be able to withstand an expected reduction in stimulus by US central bank later in the year. The country’s forex reserves surged by $2.604 billion to reach an all-time high of $400.726 billion in the week ended September 8, 2017, Reserve Bank of India said in a release on Friday. The surge in India’s forex reserves is likely to help rupee withstand any volatility that may be seen on exodus of foreign funds from India’s debt and equity markets, analysts say. Foreign institutional investors have pumped in more than Rs. 1 lakh crore in to Indian debt and equity market in last 12 months.

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