MUMBAI (Reuters) – India’s foreign exchange reserves extended their winning run for a fifth straight week to hit a record high of $689.46 billion as of Sept. 13, data from the central bank showed on Friday.
The reserves rose by $220 million in the reporting week, after having risen by a total of $19.1 billion in the prior four weeks.
Changes in foreign currency assets are caused by the Reserve Bank of India’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
The RBI intervenes on both sides of the foreign exchange market to prevent undue volatility in the rupee.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
In the week ending Sept. 13, the rupee strengthened nearly 0.1% week-on-week, its best weekly performance since the week ended June 25.
The domestic currency settled at 83.5625 on Friday, and gained nearly 0.4% week-on-week, its strongest weekly rise this year.
FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
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Sept 13 Sept 06
2024 2024
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Foreign currency assets 603,629 604,144
Gold 62,887 61,988
SDRs 18,419 18,472
Reserve Tranche Position 4,523 4,631
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Total 689,458 689,235
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Source text: (https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx)
(Reporting by Siddhi Nayak; Editing by Janane Venkatraman)
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