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Forex kitty swells to hit a record but still RBI shouldn't use it to fund infra

Jan 24, 2015    

India should thank Narendra Modi and crude oil for its all-time high foreign exchange reserves at $322 billion logged in the last week - the prime minister for creating a positive wave that has drawn higher foreign institutional investments and crude for the free fall in its prices, thus leading to a lower dollar outgo.In just a week, reserves swelled by $2.66 billion, helping the forex kitty cross the $320 billion mark for the first time since September 2011. Besides the first two factors, another factor that contributed to the rise is the central bank's dollar buying spree in order to arrest...

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