MUMBAI, April 21 (Reuters) - India's foreign exchange reserves (INFXR=ECI) rose for a second week to hit an over nine-month high of $586.41 billion fo
MUMBAI, April 21 (Reuters) – India’s foreign exchange reserves (INFXR=ECI) rose for a second week to hit an over nine-month high of $586.41 billion for the week ended April 14, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.
That is an increase of $1.65 billion from the previous week. Reserves had gone up by $6.3 billion in the week ending April 7.
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.
For the reported week, the rupee had ended marginally higher against the U.S. dollar and traded in a range of 81.77 to 82.15.
The rupee closed at 82.09 on Friday in the week ending April 21, halting a four-week rising streak.
Reporting by Siddhi Nayak; Editing by Sohini Goswami
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