India‘s overseas trade reserves rose for the third straight week, to $550.14 billion within the week via Nov. 25, the Reserve Bank of India‘s (RBI) weekly statistical complement confirmed on Friday.
For the week ended Nov. 18, the nation’s reserves have been at $547.25 billion.
Since hitting an over two-year low of $524 billion in October, foreign exchange reserves have been rising because the greenback index fell off its peak. The RBI prior to now has mentioned modifications in its reserves is a perform of revaluation beneficial properties or losses, in addition to market interventions.
After the volatility in early November, the Indian rupee has moved in a slender band over the previous two weeks, with merchants reckoning it will stay secure between the 81-82 per greenback vary within the close to time period.
(Reporting by Anushka Trivedi in Mumbai; Modifying by Janane Venkatraman)
