MUMBAI: India’s foreign exchange reserves rose for the third straight week, to $550.14 billion in the week through Nov. 25, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.
For the week ended Nov. 18, the country’s reserves were at $547.25 billion.
Since hitting an over two-year low of $524 billion in October, forex reserves have been rising as the dollar index fell off its peak. The RBI in the past has said changes in its reserves is a function of revaluation gains or losses, as well as market interventions.
Indian rupee premiums close to bottoming, RBI key moving part
After the volatility in early November, the Indian rupee has moved in a narrow band over the past two weeks, with traders reckoning it would remain stable between the 81-82 per dollar range in the near term.
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