India's Foreign Exchange Reserves Snap 2-Week Rise; Ease From Record High
Friday,
22-Jan-2021
05:12 PM (IST)
India's foreign exchange reserves fell for the first time in three weeks and stood at $584.24 billion as on week ended Jan. 15, against a record high of $586.08 billion in the previous week, the Reserve Bank of India said today. Foreign currency assets fell marginally to $541.51 billion against $541.79 billion in the prior week. Gold assets declined to $36.06 billion from $37.59 billion in the previous week. The central bank intervenes in the foreign exchange market to curb the rupee’s volatility. It has bought net $83.74 billion in the spot foreign exchange market during January-November last year after purchasing a net $40.27 billion in 2019.
|