India’s Foreign Exchange Reserves surge to $644.15 billion, marking second consecutive weekly gain
financialexpress.comIndia’s foreign exchange reserves climbed for the second consecutive week, reaching a peak of $644.15 billion as of May 10, according to data released by the central bank on Friday, reported Reuters.
During the reporting week, reserves surged by $2.56 billion, following a $3.7 billion increase in the previous week. The Reserve Bank of India (RBI) actively intervenes in the foreign exchange market to stabilize the rupee against excessive volatility. Fluctuations in foreign currency assets are influenced by the RBI’s interventions and the changing values of foreign assets held within the reserves.
Additionally, India’s foreign exchange reserves encompass its reserve tranche position in the International Monetary Fund. Throughout the week under review, the rupee maintained a narrow trading band against the dollar, fluctuating between 83.4150 and 83.5175, with slight weekly losses recorded. By the end of the week, the rupee closed at 83.3350 against the U.S. dollar, marking a 0.2% increase for the week.
With inputs from Reuters.
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