Finance
The Reserve Bank of India’s (RBI) statistical supplement showed that India’s foreign exchange reserves increased for the second week in a row, reaching $578.78 billion, the highest level since early July, as of the week ended March 24.
This represents a $5.98 billion increase over the previous week.
The central bank intervenes in the spot and forward markets to prevent the rupee’s exchange rate from spiking against the dollar. Changes in forex reserves are also caused by valuation gains or losses.
The rupee was marginally higher against the dollar in the week ending March 24, trading in the 82.0700 to 82.7050 range.
On Friday, the rupee closed at 82.1650, marking its biggest weekly gain in nearly a month. The Indian rupee dropped 7.8% against the greenback in 2022-23.
Source:BS
