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)----------------------------------------------------                             June 07       May 31                               2024         2024----------------------------------------------------Foreign currency assets      576,337      572,564Gold                          56,982       56,501SDRs                          18,161       18,118Reserve Tranche Position       4,336        4,326----------------------------------------------------Total                        655,817      651,510----------------------------------------------------