Finance
India’s foreign exchange reserves ended a three-week declining trend on Friday, standing at $602.16 billion as of Aug. 11, according to figures from the country’s central bank.
The reserves increased by $700 million from the previous week after falling by a total of $7.6 billion in the previous three weeks.
The changes in foreign currency assets, represented in dollars, include the impact of other currencies held in the Reserve Bank of India’s (RBI) reserves appreciating or depreciating.
Foreign exchange reserves include India’s stake in the International Monetary Fund’s Reserve Tranche.
The central bank also intervenes in the spot and future markets to prevent the rupee from falling too much.
The RBI is set to sell dollars through public sector banks this week to prevent the rupee from falling to a record low, according to traders cited by Reuters.
The rupee moved in a range of 82.6725 to 82.8525 against the dollar during the week covered by the foreign reserves data.
On Friday, the rupee closed at 83.1025, down 0.2% for the week.
Source:BS
