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The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
India’s foreign exchange reserves snapped a three-week gaining streak and stood at $646.67 billion as of May 24, coming off a record high, data from the central bank showed on Friday.
The reserves fell by $2 billion in that week, after rising by a total of $10.8 billion in the previous three weeks.
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The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
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Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
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Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
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For the week to which the foreign exchange data pertains, the rupee traded in a range of 83.0250 to 83.3600 against the dollar, and logged its best week in more than five months.
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First Published: May 31 2024 | 5:42 PM IST
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