Mumbai: The country’s foreign exchange reserves rose for a second straight week and stood at $579 billion, highest since early July, as of the week ended March 24, the RBI’s statistical supplement showed on Friday.
That is an increase of $6 billion from the previous week. The central bank intervenes in the spot and forwards market to prevent runaway moves in the rupee’s exchange rate against the dollar. Changes in the forex reserves also stem from valuation gains or losses.
In the week ended March 24, the rupee was marginally higher against the dollar, trading in the 82.07 to 82.71 range.
The rupee ended at 82.16 on Friday and logged its biggest weekly rise in nearly a month. The domestic currency fell nearly 8% against the greenback in 2022-23. reuters
That is an increase of $6 billion from the previous week. The central bank intervenes in the spot and forwards market to prevent runaway moves in the rupee’s exchange rate against the dollar. Changes in the forex reserves also stem from valuation gains or losses.
In the week ended March 24, the rupee was marginally higher against the dollar, trading in the 82.07 to 82.71 range.
The rupee ended at 82.16 on Friday and logged its biggest weekly rise in nearly a month. The domestic currency fell nearly 8% against the greenback in 2022-23. reuters
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