India’s forex reserves rise for fourth week, hit over 3-month high

India’s foreign exchange reserves rose for a fourth week to an over three-month high of $561.16 billion in the week through Dec. 2, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

The RBI in the past has said changes in its reserves is a function of revaluation gains or losses, as well as market interventions.

For the week ended Nov. 25, the country’s reserves were at $550.14 billion. Overall, they have declined from $632.7 billion at the beginning of this year, as the RBI has sold a portion of the reserves to ease volatility in the currency markets.

The rupee has been volatile against the dollar over the last few trading sessions. In the week to Dec. 2, the Indian unit traded in a wide 80.9850 to 81.8350 range. The rupee hit a one-month low of 82.7600 against the dollar on Dec. 7.

The Indian rupee should be allowed to find its level and it was important to make an objective assessment of the moves on the currency, RBI Governor Shaktikanta Das had said on Wednesday.

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