NEW DELHI: India's forex reserves are expected to hit USD 400 billion by September, driven by robust capital inflows and weak credit offtake, says a Morgan Stanley report. According to the global financial services major, Indian forex reserves are at an all-time high and have risen at the fastest pace since 2015. As of August 4, forex reserves hit a record high of USD 393 billion. "If the pace of forex reserves is similar to that of the past four weeks, forex reserves would hit USD 400 billion by September 8, 2017," Morgan Stanley said in a research note, adding "the gain in India's forex reserves has been one of the strongest within the Asia, ex-Japan region, in the past 12 months". Morgan Stanley, attributed two major reasons for rise in forex reserves -- robust capital inflows and weak credit offtake.

Source: Economic Times August 20, 2017 05:48 UTC