India’s forex reserves jump to record high of $642.63 billion.
India's forex reserves hit a record $642.63 billion, rising for 5th straight week. RBI intervenes to stabilize rupee. Forex assets surge $139 million.
According to data released by the central bank on Friday, India's foreign exchange reserves climbed for the fifth consecutive week, reaching a new peak of $642.63 billion as of March 22.
During the reporting week, the reserves increased by $139 million. The variations in foreign currency assets, denominated in dollars, account for the impact of fluctuations in the value of other currencies held within the reserves.
India's foreign exchange reserves encompass its Reserve Tranche position in the International Monetary Fund. The Reserve Bank of India (RBI) intervenes in the foreign exchange market to mitigate excessive fluctuations in the rupee.
On Thursday, the domestic currency closed at 83.40 against the dollar. Indian financial markets were shut on Friday due to a holiday.
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