Forex Reserves Rise To 6-Month High Of $576.7 Billion

 India’s foreign exchange reserves rose above a six-month high of $576.76 billion in the week through Jan. 27, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

This is the third consecutive week that the country’s reserves have risen. In the week to Jan. 20, the reserves stood at $573.73 billion.

The RBI has intervened to buy dollars as the rupee stabilised, according to forex market participants.

This, coupled with valuation changes, adds to the central bank’s forex reserves.

The rupee declined 0.5% against the dollar in the week to Jan. 27 on suspected RBI intervention and importer hedging, having traded in a range of 80.88-81.7650.

For the current week ending Feb. 3, the rupee fell again on equity outflow jitters.