Team Blitz India
NEW DELHI: India’s foreign exchange reserves stood at $617.30 billion as of Jan. 5, slipping from a 22-month highs, data from the Reserve Bank of India (RBI) showed.
The reserves witnessed the steepest decline in nearly five months, falling $5.9 billion for the reported week, following a cumulative increase of $32.9 billion in the preceding seven weeks.
The RBI intervenes in the foreign exchange market to curb excess volatility in the rupee.
Changes in foreign currency assets include the impact of the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
For the reported week, the rupee traded in a narrow range of 83.12-83.3475 against the dollar, and logged marginal weekly gains.
