© Reuters. FILE PHOTO: An Indian rupee note is seen in this illustration photo on June 1, 2017. REUTERS/Thomas White/Illustration/File Image
The Statistical Supplement of the Reserve Bank of India (RBI) on Friday showed that India’s foreign exchange reserves rose for a second week, reaching a nine-month high of $586.41 billion for the week ending April 14.
This represents an increase of $1.65 billion over the previous week. Reserves increased by $6.3 billion in the week ending April 7.
The central bank intervenes in the spot and forward markets to prevent wild moves in the rupee. Changes in foreign currency reserves also stem from valuation gains or losses.
For the aforementioned week, the rupee closed slightly higher against the US dollar and was trading in a range of 81.77 to 82.15.
The rupee closed at 82.09 on Friday in the week ending April 21st, snapping a four-week winning streak.
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