India's forex reserve at seven-week high, rises $4.67 billion to $590.78 billion

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Also Read: Rupee depreciates 6 paise to settle at an all-time low of 83.34 against the US dollar This week’s edition rose by $4.7 billion, adding to the $2.6 billion rise in the prior week ending October 27. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves Also Read: Gold ETFs shine on Dhanteras! Net inflow surges to ₹841 crore in October over safe haven appeal RBI Governor, Shaktikanta Das, on Thursday, said that India’s current account deficit is “eminently manageable".

The Reserve Bank of India has increased its forex reserve to deal with potential eventualities. Foreign exchange reserves are also associated with India’s reserves tranche position in the International Monetary Fund.

During the week, the rupee had sunk to a record low of 83.2950 against the dollar. On Friday, the Indian currency settled at 83.34 as against its previous close of ₹83.28.

Also Read: Apollo Hospitals- CFO expects Apollo HealthCo business to breakeven by Q4FY24 The dollar index, which gauges the greenback's strength against a basket of six currencies, held just shy of 106 handles while the 10-year US Treasury yield last quoted at 4.64%, well above the week's low of 4.48%. Also Read: Oil ticks higher; concerns remain over demand, interest rate hikes Apart from US Treasury yield, foreign capital outflows and a rise in crude oil prices also exerted pressure on the local unit.

Next week, if the rupee maintains its value around 83.40 levels next week, it may end in a weaker range, said Abhilash Koikkara, head of forex and rates at Nuvama Professional Clients Group. However, it is believed that the rupee is unlikely to underperform as a sharp