Foreign exchange reserves rise to 5-month high

Current level of $572 bn in the week through January 13 compares with the $524.52 seen in October 2022

January 20, 2023 07:00 pm | Updated 07:00 pm IST - MUMBAI

India's foreign exchange reserves rose to $572 billion in the week through January 13, their highest level since early August last year, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.

That is higher than the country's reserves of $561.58 billion for the week ended January 6, and the more-than-two-year low of $524.52 billion hit in October 2022.

The central bank has intervened occasionally in the spot and forwards market to protect the rupee, while traders have cited instances of state-run banks purchasing dollars likely on behalf of the RBI.

The central bank has, in the past, said that changes in reserves also stem from valuation gains or losses.

The rupee marked its best trading week in two months in the week ended January 13 as it appreciated sharply on breaking out of a tight range.

It continued to gain, albeit at a slower pace, in the current week ended January 20.

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