NEW DELHI, Sept 28 (NNN-PTI) – India’s foreign exchange (forex) reserves, rose by 2.84 billion U.S. dollars during the week, ended Sept 20, to reach the all-time high of 692.30 billion dollars, revealed data released by the country’s central bank, the Reserve Bank of India (RBI), yesterday.
According to reports, this was the sixth straight week the country’s forex reserves rose.
Foreign Currency Assets (FCAs), the biggest component of forex reserves, rose by 2.06 billion dollars, to 605.69 billion dollars.
An online report by Hindustan Times stated that, changes in FCAs were caused by the RBI’s intervention in the foreign exchange market, as well as, the appreciation or depreciation of foreign assets held in the reserves. The RBI intervenes on both sides of the forex market, to prevent undue volatility in the local currency of Indian Rupee, it added.– NNN-PTI
