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India's forex reserves rise to $551.51 bln as of Oct 9 - central bank

Friday,   16-Oct-2020   05:12 PM (IST)

India's foreign exchange reserves rose for the second straight week to hit a fresh record high of $551.51 billion as of the week ended Oct. 9, from $545.64 billion in the prior week, the Reserve Bank of India said. The reserves jumped by $5.87 billion last week, the biggest jump since week ended Jul. 31, RBI data showed. The rise was mainly due to a gain in foreign currency assets that climbed to $508.78 billion from $503.05 billion in the previous week, according to the data. Gold assets rose marginally to $36.60 billion from $36.49 billion in the prior week. The central bank intervenes in the foreign exchange market to curb the rupee’s volatility. It bought net $49.67 billion in the spot foreign exchange market during January-August after purchasing a net $40.27 billion in 2019.