The country’s foreign exchange reserves rose by $6. 6 billion to $531. 1 billion in the week through October 28, marking the biggest weekly gain since September 2021, the RBI’s weekly statistical supplement showed on Friday.
Dealers said that the increase could be for a number of reasons including the central bank receiving dollars that it bought in the forward markets earlier. Of late, the RBI’s intervention has been largely to support the rupee and ensure that it does not depreciate sharply.
The country’s forex reserves were $524. 5 billion at the end of the previous week that ended October 21. Reserves have declined around 16% this year so far due to the RBI’s intervention in the currency markets, as well as valuation changes owing to the dollar’s strength.
In the holiday-shortenedweek that ended October 28, the rupee rose to snap a run of six weeks of declines. For the current week, it closed flat at 82. 44 per dollar, gaining 45 paise over Thursday’s close of 82. 89.
The rupee appreciated, boosted by persistent foreign fund inflows and a weakening greenback overseas. At the interbank foreign exchange market, the local unit opened at 82. 85 and gained to the day’s high of 82. 35 during the session. It finally settled at 82. 44 against the US dollar. Bulk of the forex reserves comprise of foreign currency assets, including investment in US treasuries, which rose $5. 7 billion to $ 470. 8 billion during the week to October
28.
The value of gold reserves increased $556 million to $37. 8 billion.
The special drawing rights (SDRs) were up by $185 million to $17. 6 billion. The country’s reserve position with the IMF was also up by $48 million to $4. 8 billion in the reporting week, the apex bank data showed.
Dealers said that the increase could be for a number of reasons including the central bank receiving dollars that it bought in the forward markets earlier. Of late, the RBI’s intervention has been largely to support the rupee and ensure that it does not depreciate sharply.
The country’s forex reserves were $524. 5 billion at the end of the previous week that ended October 21. Reserves have declined around 16% this year so far due to the RBI’s intervention in the currency markets, as well as valuation changes owing to the dollar’s strength.
In the holiday-shortenedweek that ended October 28, the rupee rose to snap a run of six weeks of declines. For the current week, it closed flat at 82. 44 per dollar, gaining 45 paise over Thursday’s close of 82. 89.
The rupee appreciated, boosted by persistent foreign fund inflows and a weakening greenback overseas. At the interbank foreign exchange market, the local unit opened at 82. 85 and gained to the day’s high of 82. 35 during the session. It finally settled at 82. 44 against the US dollar. Bulk of the forex reserves comprise of foreign currency assets, including investment in US treasuries, which rose $5. 7 billion to $ 470. 8 billion during the week to October
28.
The value of gold reserves increased $556 million to $37. 8 billion.
The special drawing rights (SDRs) were up by $185 million to $17. 6 billion. The country’s reserve position with the IMF was also up by $48 million to $4. 8 billion in the reporting week, the apex bank data showed.