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India’s US Treasury purchases surge to $15.2 billion in July, highest holdings in 10 months
India bought a record amount of Treasuries in July, helped by large inflows under the central bank’s special facilities to draw overseas capital.
The nation’s net purchase of US notes jumped to $15.2 billion, from $3.39 billion in June, taking its holding to the highest in 10 months, according to latest data from the US Department of the Treasury.
The surge in purchases follows inflows of $40.8 billion through the end of July under the Reserve Bank of India’s special window announced in early June. The central bank offered concessional swaps on funds raised through diaspora deposits and overseas borrowings. The flows beat expectations, with India’s foreign-exchange reserves swelling to an all-time high.
