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India's foreign exchange reserves rise for a second straight week.


Date: 26-11-2022
Subject: India's foreign exchange reserves rise for a second straight week
India on Friday reported a rise in its foreign exchange reserves for the second straight week, helped by Reserve Bank of India's dollar buying in sync with renewed overseas investment inflows which offset the dollar outflows.

RBI, the custodian of forex reserves, added $2.537 billion in the week ending November 18, according to the latest weekly statistical data released by it.

The reserves stood at $547.252 billion at the end of the reporting period, up nearly $23 billion from its recent low of $524.520 billion seen on October 21, the data showed. Foreign currency assets rose by $1.760 billion to $484.288 billion.

Besides the dollar buying by the central bank, a part of the rise can also be attributed to the revaluation of reserves held in other major global currencies as a result of the dollar's fall from its highs, people tracking the market said.

Pressure on the local currency is expected to ease now as the global crude and commodity prices softened. The possibility of the US slowing down the pace of interest rate hikes also improved the sentiment.

Source Name:-Economic Times
 
 

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