India's foreign exchange reserves jumped to a new high of $371 billion, data released by the Reserve Bank of India (RBI) showed. Reserves for the week ended 9 September rose by $3.5 billion. The country's forex reserves had risen by $989.5 million to $367.766 billion in the previous week.
The Indian rupee closed higher against US Dollar on mild dollar selling by banks and exporters and a firm domestic equity market. The Indian currency ended higher by three paise at 66.98/$. The local unit had hit a high of 66.93 and a low of 67.13. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.88 and for Euro stood at 75.15. The RBI’s reference rate for the Yen stood at 65.52; reference rate for the Great Britain Pound (GBP) stood at 88.4694.