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MUMBAI: India’s foreign exchange reserves extended their winning run for a fourth straight week to hit a record high of $689.24 billion as of Sept. 6, data from the central bank showed on Friday.

The reserves rose by $5.3 billion in the reporting week, after having risen by a total of $13.9 billion in the prior three weeks.

The RBI intervenes on both sides of the foreign exchange market to prevent undue volatility in the rupee.

These interventions, via state-run banks in the spot market, helped avert a steeper decline in the local currency, which has hovered close to 84 per U.S. dollar in recent sessions, traders said.

In the week ending Sept. 6, the rupee fell 0.1% against the dollar and traded in a thin band.

India’s forex reserves hit record high

The rupee settled at 83.8875 on Friday, having strengthened nearly 0.1% week-on-week in its best weekly performance since the week ended June 25.

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.

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

Foreign exchange reserves (in million US dollars)
--------------------------------------------------
                             Sept 06       Aug 30
                               2024         2024
--------------------------------------------------
Foreign currency assets      604,144      599,037
Gold                          61,988       61,859
SDRs                          18,472       18,468
Reserve Tranche Position       4,631        4,622
--------------------------------------------------
Total                        689,235      683,987
--------------------------------------------------

Comments

200 characters
KU Sep 13, 2024 06:31pm
And where are we? DNS; did not start. But then, we are busy in character-acting according to our dubious n dodgy conscience.
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Fatima Sep 14, 2024 05:27am
Ours up $30 million…same trend……
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