India Forex Reserves at Record High in Week After Bond Inclusion
- Stockpile grows $5.2 billion to $657.16 billion in July 5 week
- Indian stocks, bonds saw overseas inflows during the week
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India’s foreign exchange reserves touched an all-time high a week after the country’s sovereign debt was included in a key JPMorgan Chase & Co. emerging market index.
The stockpile grew by $5.2 billion to $657.16 billion in the week of July 5, according to data released by the Reserve Bank of India. India is starting out with a 1% weightage on the key emerging market bond index, in a process that began on June 28. This will increase by a percentage point every month over ten months.