MUMBAI: India’s foreign exchange reserves rose for a second straight week to hit a record high of $655.82 billion as of June 7, the central bank said on Friday.
The reserves rose by $4.3 billion in the reporting week, adding to last week’s $4.8 billion increase.
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.
India’s foreign exchange reserves ease from record high
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
For the week to which the foreign exchange data pertains, the rupee traded in a range of 82.9475 to 83.5300 against the dollar, and logged a 0.1% weekly rise.
The currency settled at 83.5550 on Friday, down 0.2% week-on-week.
FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
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June 07 May 31
2024 2024
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Foreign currency assets 576,337 572,564
Gold 56,982 56,501
SDRs 18,161 18,118
Reserve Tranche Position 4,336 4,326
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Total 655,817 651,510
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