MUMBAI: India’s foreign exchange reserves rose by $5.2 billion to hit a record high of $657.16 billion as of July 5, data from the central bank showed on Friday.
The week-on-week rise in reserves was the highest in nearly four months. The reserves had fallen by $1.7 billion in the previous week.
The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
Changes in foreign currency assets are caused by the RBI’s intervention and the appreciation or depreciation of foreign assets held in the reserves.
India’s forex reserves fall to $652 billion as of June 28
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
In the week to which the latest foreign exchange data pertains, the rupee traded in a range of 83.3725 and 83.5650 and logged a weekly decline.
The currency settled at 83.5350 on Friday, marginally lower for the week.
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