MUMBAI, April 7 (Reuters) - India's foreign exchange reserves retreated from more than eight-month highs to $578.45 billion as of the week ended March
MUMBAI, April 7 (Reuters) – India’s foreign exchange
reserves retreated from more than eight-month highs
to $578.45 billion as of the week ended March 31, the Reserve
Bank of India’s (RBI) statistical supplement showed on Friday.
That is a decrease of around $380 million from the previous
week.
The central bank intervenes in the spot and forwards markets
to prevent runaway moves in the rupee which affects the
overall reserves position while changes also stem from valuation
gains or losses.
A comfortable level of foreign exchange reserves will
further bolster macroeconomic stability, RBI Governor
Shaktikanta Das said while announcing the bank’s monetary policy
decision on Thursday.
The rupee moved in an orderly manner in 2022 and continues
to do so in 2023, Das said.
In the week for which the forex reserves data pertains, the
rupee ended 0.38% higher against the dollar, having traded in a
range of 82.08 to 82.4250 to the dollar.
In the current holiday-shortened week, the rupee
strengthened past 82 per dollar for the first time since
mid-March to end at 81.8850 on Thursday.
(Reporting by Anushka Trivedi; editing by Jason Neely)
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