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India's forex reserves snap two-week fall

The reserves increased by nearly $3 billion in the reporting week, after declining by a total of $6.4 billion in the previous two weeks.
Last Updated 01 March 2024, 13:17 IST

Mumbai: India's foreign exchange reserves ended a two-week losing streak, standing at $619.70 billion as of February 23, rebounding from two-month lows, data from the central bank showed on Friday.

The reserves increased by nearly $3 billion in the reporting week, after declining by a total of $6.4 billion in the previous two weeks. 

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 due to the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves.

Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund.

In the week corresponding to the foreign exchange data, the rupee logged marginal gains against the dollar and traded in a narrow range of 82.8350 to 83.0150. The domestic currency settled at 82.90 on Friday, marking its third consecutive weekly rise.

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(Published 01 March 2024, 13:17 IST)

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