India's Foreign Exchange Reserves Hit Fresh Record High
Friday,
15-Jan-2021
05:41 PM (IST)
India's foreign exchange reserves rose for the second straight week and hit a fresh record high of $586.08 billion as on week ended Jan. 8, against $585.32 billion in the previous week, the Reserve Bank of India said today. Foreign currency assets increased to $541.79 billion against $541.64 billion in the prior week. Gold assets rose to $37.59 billion from $37.03 billion in the previous week. The central bank intervenes in the foreign exchange market to curb the rupee’s volatility. It has bought net $73.48 billion in the spot foreign exchange market during January-October last year after purchasing a net $40.27 billion in 2019.
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