India’s forex reserves rise for third straight week to $550.14 billion

India’s foreign exchange reserves rose for the third straight week, to $550.14 billion in the week through Nov. 25, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

For the week ended Nov. 18, the country’s reserves were at $547.25 billion.

Since hitting an over two-year low of $524 billion in October, forex reserves have been rising as the dollar index fell off its peak. The RBI in the past has said changes in its reserves is a function of revaluation gains or losses, as well as market interventions.

After the volatility in early November, the Indian rupee has moved in a narrow band over the past two weeks, with traders reckoning it would remain stable between the 81-82 per dollar range in the near term.

(Reporting by Anushka Trivedi in Mumbai; Editing by Janane Venkatraman)

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