Forex reserves rise to near 3-month high – Economy News

Foreign exchange reserves rose for the second straight week and stood at a near three-month high of $597.9 billion for the week ended November 24. The reserves rose $2.5 billion in the week ended November 24, after rising $5.1 billion in the week ended November 17.

Changes in foreign currency assets are caused by Reserve Bank of India(RBI) intervention as well as appreciation or depreciation of foreign assets held in reserves. Foreign currency assets rose $.2.1 billion to $528.5 billion.

Gold reserves rose $296 million to $46.3 billion in the week ended November 24. Special drawing rights rose $87 million to $18.2 billion.

Reserve position with the IMF rose $14 million to $4.8 billion. Rupee fell 0.13% to 83.38 in the week ended November 24. It rose 0.12% to 83.30 on December 1. “Rupee closed at 83.29, supported by FII’s and DII’s buying in capital markets,” says Jateen Trivedi, VP – research Analyst at LKP Securities.

“Weakness in crude prices in the last 24 hours aided the rupee to remain above 83.40 and move closer to 83.25. The overall trend reflects a range of volatility, with the rupee observed between 83.20-83.40,” he added.