Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
Guwahati: India’s foreign exchange reserves hit a record high of $689.46 billion as of September 13, rising for the fifth consecutive week.
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According to data recently released by the Reserve Bank of India (RBI), reserves increased by $220 million, building on a significant increase of $19.1 billion in the previous four weeks.
This increase in foreign exchange reserves can be attributed to the intervention of the RBI in the foreign exchange market, which aims to curb the excessive volatility in the rupee. Fluctuations in foreign currency assets, which constitute the bulk of the balances, are affected both by the central bank’s market operations and by changes in the value of foreign assets held.
During the week ended September 13, the Indian rupee rose nearly 0.1% against the US dollar, marking its best weekly performance since late June.
For now, RBI continues to intervene on both sides of the market to maintain stability in the value of the rupee.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
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