© Reuters. FILE PHOTO: A customer hands Indian banknotes to a worker at a gas station in Mumbai, India August 13, 2018. (REUTERS)/Francis Mascarenhas
The Statistical Supplement of the Reserve Bank of India showed on Friday that India’s foreign exchange reserves jumped to $584.76 billion for the week ending April 7, the highest level in nine months.
This represents an increase of $6.3 billion over the previous week.
The central bank intervenes in the spot and forward markets to prevent wild movements in the rupee. Changes in foreign currency reserves also stem from valuation gains or losses.
During the aforementioned week, the rupee finished 0.3% higher against the US dollar. The Indian unit was trading in a wide range from 81.8300 to 82.4550 per dollar.
The rupee closed at 81.85 on Thursday and posted its fourth consecutive weekly high for the holiday-shortened week ending April 14.
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