MUMBAI (Reuters) – India’s foreign exchange reserves rose for the seventh straight week to hit a record high of $648.56 as of April 5, central bank data showed on Friday.
Reserves increased by a total of $29.45 billion over the past six weeks, but by $2.98 billion in the reporting week.
The Reserve Bank of India (RBI) is intervening in the foreign exchange market to curb excessive fluctuations in the rupee.
Fluctuations in foreign currency assets are caused not only by appreciation or depreciation of foreign assets held in reserves but also by RBI intervention.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
In the week for which foreign exchange data is concerned, the rupee rose 0.1% against the dollar, rebounding from its record low of 83.4550 rupees hit earlier in the week.
The domestic currency settled at 83.4125 on Friday, down 0.1% from the previous week.
Foreign exchange reserves (million USD)
April 5th March 29th
2024 2024
Foreign currency assets 571,166 570,618
Gold 54,558 52,160
SDR 18,170 18,145
Reserve tranche position 4,669 4,660
Total 648,562 645,583
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Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx)
((India Headline News Team; +91 80 6749 1310))
(Reporting by Jaspreet Kalra; Editing by Sohini Goswami)
