<p>India's foreign exchange reserves rose for a second consecutive week to hit an over 11-month high of $595.98 billion for the week ended May 5, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.</p>.<p>That is an increase of $7.2 billion from the previous week, the highest increase since March 17. Reserves had risen by $4.5 billion in the week prior.</p>.<p>The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/india-funding-costs-surge-to-one-month-high-on-cash-squeeze-1217796.html" target="_blank">India funding costs surge to one-month high on cash squeeze</a></strong></p>.<p>Earlier this week, <em>Reuters </em>reported, citing economists, that India's forex reserves were at a comfortable level, benefiting from the RBI's persistent intervention and likelihood of less volatile revaluation changes.</p>.<p>For the week to which the forex reserves data pertains, the rupee had ended up slightly against the US dollar and traded in a range of 81.6500 to 81.9450.</p>.<p>For the current week, the rupee registered its worst week in eight, dragged down by a broader strength in the dollar index. </p>
<p>India's foreign exchange reserves rose for a second consecutive week to hit an over 11-month high of $595.98 billion for the week ended May 5, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.</p>.<p>That is an increase of $7.2 billion from the previous week, the highest increase since March 17. Reserves had risen by $4.5 billion in the week prior.</p>.<p>The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/india-funding-costs-surge-to-one-month-high-on-cash-squeeze-1217796.html" target="_blank">India funding costs surge to one-month high on cash squeeze</a></strong></p>.<p>Earlier this week, <em>Reuters </em>reported, citing economists, that India's forex reserves were at a comfortable level, benefiting from the RBI's persistent intervention and likelihood of less volatile revaluation changes.</p>.<p>For the week to which the forex reserves data pertains, the rupee had ended up slightly against the US dollar and traded in a range of 81.6500 to 81.9450.</p>.<p>For the current week, the rupee registered its worst week in eight, dragged down by a broader strength in the dollar index. </p>