The Morgan Stanley report says India’s forex reserves have been rising with a total accretion of $4.389 billion to the kitty since 14 July 2017. Photo: MintMumbai: If the present pace of dollar accretion to India’s forex reserves continues, which crossed past $393 billion, the reserves may hit the $400-billion mark by the week to 8 September 2017, according to a report by financial services firm Morgan Stanley. India’s forex reserves have been rising with a total accretion of $4.389 billion to the kitty since 14 July 2017. Indeed, adjusted for forward positions, forex reserves are already at $407 billion,” Morgan Stanley said in a note on Thursday. Since then, the reserves have continued to rise, suggesting the RBI may have continued to accumulate dollars in forex reserves in July and August.

Source: Mint August 17, 2017 16:30 UTC