India’s forex reserves grew by $1.386 billion in the week through June 20 after the Reserve Bank of India bought dollars from currency markets while investment inflows remained steady. The reserves surged to $314.922 billion, reported the RBI.
Foreign currency assets, which compose most of the forex reserves, advanced $1.373 billion to close at $287.962 billion. Foreign currency assets are normally denominated in dollar terms and incorporate the effect of appreciation and depreciation of other non-US dollar currencies such as the yen, euro and the pound. Gold reserves with the RBI remained unchanged at $20.790 billion.
In a separate report, Currenex’s managing director of sales Robert Sagurton has been promoted to the post of the global head of sales for futures and OTC clearing at State Street. Mr. Sagurton will be based in New York and will report to Peter Williams, the senior managing director of clearing for Europe, the Middle East and Africa (EMEA).
Mr. Sagurton first joined Currenex, which is owned by State Street, last September 2013. He previously reported to Martine Bond, State Street Global Exchange’s head of trading and clearing in London after working for over two years in Morgan Stanley’s foreign exchange prime brokerage department. He exited Morgan Stanley after several other executives left, such as the former co-heads of FXPB, James Reilly and Michael Irwin in New York and London respectively, reports FX Week.
Mr. Reilly worked with Morgan Stanley for only two months, before taking up his current job as Cantor Fitzgerald’s global head of FX sales and trading. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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