India's forex hit record high<\/p>\n
BOMBAY (Reuters): India's foreign exchange reserves rose to a
\nrecord high in dollar terms by mid-month, the central bank
\nreported, reflecting a huge inflow of foreign money into buy
\nIndian stocks.<\/p>\n
By the close of trading last week, foreign investors had
\nbrought over nine times as much money into India as they had a
\nyear ago, according to analysts.<\/p>\n
The Reserve Bank of India (RBI) said foreign exchange reserves
\ntotaled US$40.469 billion on Jan. 19, up $116 million from a week
\nearlier.<\/p>\n
But in rupee terms reserves fell, reflecting the rupee's
\nappreciation against the dollar. India's foreign exchange
\nreserves totaled 1,878.79 billion rupees, down 2.44 billion
\nrupees from a week earlier.<\/p>\n
The rupee, at its highest, gained 0.7 percent in January to
\n46.34 per dollar, up nearly 1.2 percent from the record low of
\n46.92 rupees struck in October. But it subsequently weakened on
\nmonth-end import demand.<\/p>",
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