BENGALURU (Reuters) – India’s foreign exchange reserves rose to $596.10 billion as of June 16, the Reserve Bank of India’s (RBI) data showed on Friday.
That was an increase of $2.35 billion from the previous week. Reserves had fallen by $1.3 billion in the week to June 9.
The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee.
The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies held in the RBI’s reserves.
Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund.
The rupee had risen 0.6% in the week ending June 16, logging its best week in over three months. It traded in a range of 81.8575 to 82.4750 during that week.
The rupee ended at 82.0350 on Friday.
FOREIGN EXCHANGE RESERVES (in millions of U.S. dollars)
———————————————————
June 16 June 9
2023 2023
———————————————————
Foreign currency assets 527,651 525,073
Gold 45,049 45,374
SDRs 18,249 18,187 Reserve Tranche Position 5,149 5,115
———————————————————-
Total 596,098 593,749 ———————————————————-
Source text: (https://bityl.co/JRZW)
(This story has been corrected to fix total forex reserves figure in table)
(Reporting by Siddhi Nayak and Nishit Navin; Editing by Varun H K)