The globally elevated interest rates are set to buoy the returns from the Reserve Bank's foreign investments to the tune of USD 6-8 billion this fiscal, which will help the monetary authority pay higher dividend to the government and also buffer up the forex reserves a la the FY21 fashion, says an overseas brokerage report. Traditionally the RBI parks more than 70 per cent of the assets overseas, mostly in the US treasury bill, where the interest rates have been on northward ho for a long now. Similar is the case in the EU and elsewhere along with the domestic rates. For the week to July 7, the forex reserves rose by USD 1.23 billion to USD 596.3 billion, but still vastly down from the USD 645 billion peak in October 2021. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments. Of the total, the major component of foreign currency assets increased by USD 989 million to USD 528.97 billion. The RBI returns ha
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