India’s foreign exchange reserves rise to four-month high; Details here

India’s foreign exchange reserves rose by $5.077 billion to $595.397 billion in the week ended November 17, the latest data released by the RBI showed on Friday.

New Delhi: India’s foreign exchange reserves rose to a four-month high of $604.04 billion on December 1, according to the latest data released by the RBI on Friday. During the week ending December 1, foreign exchange reserves rose by $6.1 billion, marking the most substantial gain since the week ending July 14. Reserves had increased cumulatively by $7.6 billion over the previous two weeks.

India’s foreign exchange reserves rose by $5.077 billion to $595.397 billion in the week ended November 17, the latest data released by the RBI showed on Friday.

An increase in foreign exchange reserves helps the RBI stabilize the rupee when it becomes volatile. The RBI is intervening in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into freefall if it comes under pressure. Any sharp fall in the country’s currency gives the RBI less scope to intervene in the market to stabilize the rupee.