Team Blitz India
NEW DELHI: India’s foreign exchange reserves surged by $140 million to reach a historic high of $642.631 billion as of March 22, the Reserve Bank of India (RBI) said. This marks the fifth consecutive week of a notable increase in the country’s overall reserves.
Reserves had seen a significant rise of $6.396 billion, reaching $642.492 billion, the week before as well. Higher FPI flows is one of the key triggers for the higher reserves and is also indicative of growing foreign investor confidence in Indian markets.
Speaking on the FY24 FPI flows and what it indicates, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said said, “The resilience of the Indian stock market and the improving macros of the Indian economy forced the FPIs to turn buyers in India.
“FPIs were big buyers in capital goods, automobiles, financials, telecom and real estate. They were sellers in IT. FPI inflows into debt has been steady this year and has reached an impressive figure of Rs 55, 857 crores in 2024 so far. This trend is likely to continue,” Vijayakumar added.
