Forex reserves rise at fastest pace since Aug 2021: RBI

MUMBAI: India’s foreign exchange reserves rose to $544.72 billion in the week through Nov. 11, marking their biggest weekly jump in more than a year, the Reserve Bank of India’s weekly statistical supplement showed on Friday. The country’s reserves were at $529.99 billion by Nov 4. They are still down from around $630 bn 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 US 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.