India bought a record amount of US Treasuries in July, with net purchases rising to $15.2bln from $3.39bln in June, lifting its holdings to a 10-month high, US Treasury data showed. The surge follows a Reserve Bank of India special-window scheme announced in early June that offers preferential swaps for funds raised via non-resident deposits and offshore borrowings; the facility had attracted $40.8bln of inflows by end-July. Inflows boosted India’s foreign-exchange reserves by $44.9bln in the la

India bought a record amount of US Treasuries in July, with net purchases rising to $15.2bln from $3.39bln in June, lifting its holdings to a 10-month high, US Treasury data showed. The surge follows a Reserve Bank of India special-window scheme announced in early June that offers preferential swaps for funds raised via non-resident deposits and offshore borrowings; the facility had attracted $40.8bln of inflows by end-July. Inflows boosted India’s foreign-exchange reserves by $44.9bln in the latest week to a record $785.71bln.