Rajan Builds Record Reserves to Strengthen Asia's Worst Currency
- Stockpile has swelled after flows resumed into stock market
- Indian rupee advances 0.1% Monday, paring monthly loss to 0.3%
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Reserve Bank of India Governor Raghuram Rajan is going all out to build up the nation’s foreign-exchange reserves as he seeks to augment the rupee’s defenses.
The stockpile grew by $4.2 billion in the week to April 1, the most since the period ended May 1, to an unprecedented $359.76 billion, Reserve Bank of India data showed Friday. The reserves surged as Rajan bought dollars to take advantage of $4.1 billion of inflows into stocks, the biggest in three years, that unwound some of the outflows in January and February.