India’s forex exchange reserves rise at fastest pace since August 2021

Market


India’s foreign exchange reserves rose to $544.72 billion in the week through November 11, marking their biggest weekly jump in more than a year, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

The country’s reserves were at $529.99 billion by November 4. They are still down from around $630 billion at the beginning of this year as the RBI sold a portion of the reserves to prevent a sharp fall in the rupee this year.

In the week ended Nov. 11, softer-than-expected U.S. inflation data helped the rupee mark its best weekly performance in about four years and strengthened it to the 80-per-dollar handle for the first time since mid-September.

For the current week, the local currency gave back some of those gains to end down 1.1% at 81.6850 per dollar.

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