India's reserves rise on weaker dollar, IPO inflows
Reuters, Bombay
India's foreign exchange reserves rose for the eight week in a row to within striking distance of a record struck earlier this year, boosted by a weaker dollar and foreign investments in a $1.2 billion share sale, analysts said.They said reserves in Asia's fourth-largest economy rose in dollar terms after the US currency weakened on concerns over the US economy and comments from European Central Bank and Federal Reserve officials. Central bank data released yesterday showed India's reserves rose nearly $1 billion in the week ended Oct 22 to $120.62 billion, not far from a record of $121.1 billion struck on July 16. The Reserve Bank of India said it expressed its foreign currency assets in US dollar terms after accounting for the appreciation or depreciation of other currencies in its reserves, such as the euro, pound and yen.
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