India’s Foreign Reserves Rise to Fresh Record After Election
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India’s foreign exchange reserves climbed to a record high last week even as the central bank intervened to protect the rupee amid a slump after surprising election results.
The stockpile rose $4.3 billion to $655.8 billion as of June 7, data from the Reserve Bank of India released Friday showed. Indian markets were roiled in the first week of June after poll results showed Prime Minister Narendra Modi’s Bharatiya Janata Party party lost its majority in the Parliament and will have to rely on allies to form a government.