 "RBI, Reserve Bank of India")
RBI intervenes in the foreign exchange market. (Photo: Bloomberg)
India’s foreign exchange reserves rose by $810 million and stood at $653.71 billion as of June 21, data from the central bank showed on Friday.
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The reserves had fallen by $2.9 billion in the previous week. 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 hit a record low of 83.6650 against the dollar, but recorded marginal weekly gains.
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First Published: Jun 28 2024 | 5:18 PM IST
