India's forex reserves swell by $3.55 billion to $599.53 billion
Mumbai: India’s foreign currency reserves grew for the fourth consecutive week, reaching $599.53 billion as of May 12, according to the Reserve Bank of India’s statistical supplement released on Friday.
The reserves grew by $3.55 billion compared to the previous week and were the highest since early June of the previous year, the data showed.
The reserves experienced a total growth of $11.7 billion over the past two weeks.
The Reserve Bank of India intervenes in the spot and forwards market to prevent extreme fluctuations in the exchange rate between the Indian rupee and the US dollar.
The central bank has previously explained that variations in reserves may also result from valuation gains or losses.
As per a Reuters report, the Reserve Bank of India's continuous intervention efforts to strengthen its reserves is posing a challenge to foreign banks that maintain a bullish outlook on the rupee.
During the week when the forex reserves data was reported, the rupee witnessed a 0.4% decline, largely influenced by the strength of the dollar index.
Throughout the week, the rupee traded in a range of 81.6900 to 82.2250 against the dollar.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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