India’s Foreign Exchange Reserves Rise For Third Week
Friday,
22-May-2020
05:55 PM (IST)
India's foreign exchange reserves rose for the third straight week to a near record high of $487.04 billion as of the week ended May 15, and against $485.31 billion at the end of the prior week, the Reserve Bank of India said. The reserves had hit a record high of $487.24 billion in the week ended Mar. 6. Foreign currency assets rose to $448.67 billion against $447.55 billion in the previous week, the RBI data showed. Gold assets climbed to $32.91 billion in the week from $32.29 billion in the previous week. The central bank intervenes in the foreign exchange market to curb the rupee’s volatility. The RBI sold a net $4.05 billion in the spot foreign exchange market in March, after buying net $19.41 billion in January and February this year. It net purchased $40.27 billion in the spot market in 2019.
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