India's foreign exchange reserves rose to a record $785.7bn in the week to Sept.
4, the RBI said on Friday, marking a tenth consecutive weekly increase and a
near $120bn gain over that span; the latest weekly rise was about $45bn.
Measures announced in June — subsidised hedging for state firms' and banks'
overseas borrowings and free hedging for banks raising foreign deposits — helped
attract inflows: the RBI received $136.3bn under these programmes between June 5
and Aug. 31, including about $127bn of non-resident Indian deposits. Bankers say
frequent RBI intervention to support the rupee may have offset some of the
dollar inflows.
