India's foreign exchange (FOREX) reserves scaled up above a 6-month high of USD 576.76 billion in the week through January 27, the Reserve Bank of India's (RBI) statistical supplement indicated on Friday, February 3.
This is the third straight week that India's Forex reserves have risen. In the week to January 20, the Forex reserves stood at USD 573.73 billion.
The Reserve Bank of India has intervened to buy dollars as the rupee stabilised, said forex market participants. This, coupled with valuation changes, adds to the central RBI's forex reserves.
The Indian rupee declined 0.5 percent against the US dollar in the week to January 27 on suspected central bank's intervention and importer hedging, having traded in a range of 80.88-81.7650. For the current week ending Februay 3, the Indian rupee fell again on equity outflow jitters.
Earlier in Nanuary, the RBI's forward dollar holdings jumped in November, according to data released, when the RBI's net forward dollar holdings stood at USD 8.49 billion as of end-November, compared with USD 241 million as of end-October.
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