The RBI has said in the past that changes in reserves also result from valuation gains or losses. (file)
Mumbai:
Foreign exchange reserves rose to $572 billion in the week to January 13, the highest level since early August last year, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.
This is higher than the country’s reserves of $561.58 billion for the week ending January 6, and a two-year low of $524.52 billion in October 2022.
The central bank has occasionally intervened in the spot and futures markets to protect the rupee, while traders have cited instances of state-owned banks potentially buying dollars on behalf of the Reserve Bank of India.
The central bank has said in the past that changes in reserves also result from valuation gains or losses.
The rupee marked its best trading week in over two months in the week ended January 13 as it appreciated sharply on breaking out of the tight range.
In the current week ending January 20, the gains continued, albeit at a slower pace.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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