India’s forex reserves rise at fastest pace since August 2021: RBI

The Reserve Bank of India’s (RBI) weekly statistical supplement showed that India’s foreign exchange reserves increased to $544.72 billion in the week ending Nov. 11, the largest weekly increase in more than a year.

By November 4, the country’s reserves stood at $529.99 billion. They are still lower than they were at the start of the year, when the RBI sold a portion of the reserves to prevent a sharp fall in the rupee.

Softer-than-expected US inflation data helped the rupee post its best weekly performance in nearly four years, pushing it above the 80-per-dollar mark for the first time since mid-September.

For the current week, the local currency returned some of those gains to end down 1.1% at 81.6850 per dollar.

Source:BS