This is the second week in a row that the country’s stockpiles have increased. (file)
Mumbai:
India’s foreign exchange reserves rose to a nearly six-month high of $573.7 billion in the week to January 20, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.
This is the second week in a row that the country’s stockpiles have increased. In the week ending January 13, reserves stood at $572 billion. According to forex market participants, the RBI has intervened to buy dollars as the Indian rupee has stabilized. This, combined with valuation changes, adds to the central bank’s foreign exchange reserves.
The rupee gained 0.3% against the dollar in the week ended January 20, its second consecutive weekly gain, and traded in a range of 81.0675 to 81.8925.
Separately, the central bank’s forward dollar holdings rose in November, according to data released earlier this month. The RBI’s net forward dollar holding stood at $8.49 billion at the end of November, as against $241 million at the end of October.
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