05/12/2022

India’s Forex Reserves Rise To $544.72 Billion, Register Fastest Pace Since August 2021

India’s foreign exchange reserves marked their biggest weekly jump in more than a year.

Mumbai:

India’s foreign exchange reserves rose to $544.72 billion in the week through Nov.11, marking their biggest weekly jump in more than a year, the Reserve Bank of India’s (RBI) weekly statistical supplement showed today.

The country’s reserves were at $529.99 billion by Nov 4. They are still down from around $630 billion at the beginning of this year as the RBI sold a portion of the reserves to prevent a sharp fall in the rupee this year.

In the week ended Nov. 11, softer-than-expected US inflation data helped the rupee mark its best weekly performance in about four years and strengthened it to the 80-per-dollar handle for the first time since mid-September.

For the current week, the local currency gave back some of those gains to end down 1.1% at 81.6850 per dollar.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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