MUMBAI: India’s foreign exchange reserves rose by $590 million to $616.73 billion as of Jan. 26, data from the central bank showed on Friday.

The reserves had fallen by $2.8 billion in the prior week.

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 appreciation or depreciation of foreign assets held in the reserves.

India’s foreign exchange reserves slip from near 22-month highs

Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.

For the reported week, the rupee traded in a narrow range of 83.0575 to 83.1650 and logged marginal weekly losses.

The currency settled at 82.9175 on Friday, up 0.2% for this week.

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