Rupee's March Rebound Sees Rajan Boost India Reserves to Record
- Foreign-exchange reserves rise for a third straight week
- Rupee up 2.8 percent in March, set for best month in two years
Modi: India's Economic Success Is Hard-Won
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India’s foreign-exchange reserves climbed to a record as the rupee heads for its biggest monthly advance in two years.
The currency stockpile rose by $2.54 billion in the week through March 18 to an unprecedented $355.95 billion, a Reserve Bank of India statement showed Friday. That capped a third straight week of increases. The rupee has jumped 2.8 percent in March as India’s government stuck to its fiscal goals in last month’s budget and investor sentiment toward emerging markets improved amid efforts by global central banks to support growth. That’s helped pare the Indian currency’s 2016 drop to 0.6 percent, Asia’s worst performance.