India's forex reserves edge towards $600 billion, hit near 1-year high

That is an increase of $3.55 billion from the previous week

Reuters Mumbai

Listen to This Article

India's foreign exchange reserves rose for a third consecutive week and stood at $599.53 billion for the week ended May 12, their highest level since early June, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.
That is an increase of $3.55 billion from the previous week.

Reserves had risen by a total of $11.7 billion in the prior two weeks.
The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.

The bullish outlook on the rupee that several foreign banks have is facing a tough test from the RBI's persistent intervention to shore up reserves, Reuters had reported earlier this week, citing treasury officials and economists.
For the week to which the forex reserves data pertains, the rupee fell by 0.4%, dragged down by a broader strength in the dollar index. The local unit had traded in a range of 81.6900 to 82.2250.

Also Read

RBI hikes repo rate by 35 bps to 6.25%, cuts FY23 GDP forecast to 6.8%

RBI MPC: Here is what experts have to say about the policy announcement

Foreign exchange reserves at $578.45 bn, snaps 2-week rise, shows RBI data

India's forex reserves up $1.65 bn to $586.4 bn, shows RBI data

Forex reserves zoom by $10.417 bn to $572 bn as on Jan 13: RBI data

India eyes nationwide use of 1% of SAF for domestic airlines by 2025

Go, fish: India's blue economy surges amid call for sustainable practices

El Ninos cost trillions of dollars with lasting economic scars: Study

Tax bodies must ensure fast closure under trader amnesty scheme: CBIC

India-focused offshore funds, ETFs inflow drop 9% to $803 mn in Q4

The rupee fell further by 0.6% this week, its worst fall in two months. The local unit ended at 82.66 against the dollar on Friday.


First Published: May 19 2023 | 5:21 PM IST

Explore News