India’s foreign exchange reserves rose for a third consecutive week to $550.14 billion in the week ending Nov. 25, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.
For the week ending Nov. 18, the country’s reserves totaled $547.25 billion.
Since reaching a two-year low of $524 billion in October, forex reserves have risen as the dollar index fell from its peak. The RBI has said in the past that changes in its reserves are a function of revaluation gains or losses, as well as market interventions.
After volatility in early November, the Indian rupee has been moving in a narrow band for the past two weeks, with traders expecting it to remain stable between 81-82 per dollar in the near term.
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