Foreign exchange reserves of India shot up by 3.57 billion dollars

New Delhi-Foreign exchange reserves of India shot up by a massive 3 point 57 billion dollars to touch a high of over 398 billion dollars for the week ended September 1. RBI showed the increase in the country’s foreign currency assets, FCAs also. A major portion of the overall FCA reserves increased by 2.8 billion dollars to 373.64 billion dollars for the same week.According to latest RBI data shows rise in gold reserves by 748.3 million dollars to 20.69 billion dollars. India’s special drawing rights with the International Monetary Fund increased to 1.5 billion dollars, an increase of 6.5 million dollars. The inflow of foreign currency into the Indian equity and debt markets have contributed substantially to the impressive rise in reserves.