India's forex reserves rise to $400.49 bln as of Sept 14

Friday,   21-Sep-2018   05:08 PM (IST)

India's foreign exchange reserves rose for the first time in three weeks to $400.49 billion as of the week ended Sep. 14, against last week’s $399.28 billion, according to central bank data released today.Last week’s decline in reserves below the $400-billion mark was for the first time since week ended Nov. 17, 2017. The reserves had hit a record high of $426.08 billion in week ended Apr. 13.Today’s increase was due to a rise in foreign currency assets to $376.15 billion from $375.10 billion in the previous week, according to central bank data.The Reserve Bank of India has been intervening in the foreign exchange market to curb the rupee’s volatility. It has sold a net $6.28 billion from the spot foreign exchange market in January-July, compared with a net purchase of $16.13 billion in the same period of 2017.