India’s forex reserves rise for second week, hit over 9-month high

MUMBAI (Reuters) – India’s foreign exchange reserves rose for a second week to hit an over nine-month high of $586.41 billion for the week ended April 14, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

That is an increase of $1.65 billion from the previous week. Reserves had gone up by $6.3 billion in the week ending April 7.

The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.

For the reported week, the rupee had ended marginally higher against the U.S. dollar and traded in a range of 81.77 to 82.15.

The rupee closed at 82.09 on Friday in the week ending April 21, halting a four-week rising streak.