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India’s foreign exchange reserves rose for a fifth straight week to hit a record high of $642.63 billion as of March 22, data from the central bank showed on Friday.
The reserves jumped by $139 million in the reporting week.
Changes in foreign currency assets, expressed in dollar
terms, include the effect of appreciation or depreciation of other currencies
held in its reserves.
Foreign exchange reserves include India’s Reserve Tranche
position in the International Monetary Fund. The Reserve Bank of India (RBI)
intervenes in the foreign exchange market to curb excess volatility in the
rupee.
The domestic currency settled at 83.40 against the dollar on
Thursday. India’s financial markets were closed on Friday for a holiday.
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