MUMBAI: India’s foreign exchange reserves rose to $572.8 billion as of the week ended March 17, their highest level since early-February, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.
The reserves stood at $560 billion in the week to March 10, down $2.4 billion from the prior week.
The central bank intervenes in the spot and forwards market to prevent runaway moves in the rupee’s exchange rate against the dollar.
India’s forex reserves fall to over 3-month low of $560bn
The RBI has said in the past that changes in reserves also stem from valuation gains or losses.
Last week, the rupee fell 0.6% against the dollar, logging its biggest weekly decline in five, amid an escalation in the global banking crisis. The currency traded in a range of 81.75 to 82.80 last week.
The rupee ended at 82.48 on Friday with marginal gains for the week.