FII inflows push forex reserves to new high

India’s foreign exchange reserves zoomed to a new high of $327.88 billion, up by a whopping $5.845 billion, in the week to January 30, mainly on account of robust FII (foreign institutional investor) inflows and lower dollar outgo.

In the week to January 16, the forex kitty had jumped by $2.66 billion to reach $322.135 billion, according to data released by the Reserve Bank of India on Friday.

For the first time, the forex kitty had crossed the $320-billion mark ($320.79 billion) for the week ended September 2, 2011.

After the Narendra Modi government came to power in May, 2014, foreign funds pumped dollars into Indian equities on the hopes of big-bang economic reforms. 

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