MUMBAI: India’s foreign exchange reserves snapped a two-week gaining streak and stood at $617.23 billion as of Feb. 9, coming off a one-month high, data from the central bank showed on Friday.
The reserves fell by $5.27 billion in the reporting week, their steepest fall in a month, after having risen by a total of $6.36 billion in the prior two weeks.
The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
India’s forex reserves rise to one-month high of $622.47bn
In the week that the foreign exchange data pertains, the rupee fell 0.1% against the dollar and traded in a range of 82.8875 and 83.0700.
The domestic currency settled at 83.0150 on Friday, little changed for this week.
FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
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Feb 09 Feb 02
2024 2024
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Foreign currency assets 546,524 551,331
Gold 47,739 48,088
SDRs 18,135 18,190
Reserve Tranche Position 4,832 4,860
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Total 617,230 622,469
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