Home Business Forex reserves rise for third straight week to $550 billion

Forex reserves rise for third straight week to $550 billion

For the week ended November 18, India’s reserves stood at $547.25 billion. (File)


India’s foreign exchange reserves rose for the third consecutive week to $550.14 billion in the week to November 25, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

The country’s reserves stood at $547.25 billion for the week ended November 18.

Forex reserves have been rising since hitting a two-year low of $524 billion in October as the dollar index has fallen from its peak. The RBI has said in the past that changes in its reserves are a function of revaluation gains or losses as well as market intervention.

After volatility in early November, the Indian rupee has moved in a narrow band over the last two weeks, with traders believing it to remain stable in the range of 81-82 per dollar in the near term.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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