Forex Reserves: The Reserve Bank of India’s (RBI) weekly statistical supplement revealed on Friday that India’s foreign exchange reserves increased to $544.72 billion in the week ending Nov. 11, marking their largest weekly increase in more than a year.
By November 4, the nation’s reserves stood at $529.99 billion. Since the RBI liquidated some of the reserves to prevent a dramatic decline in the rupee this year, they are still down from about $630 billion at the beginning of the year.
The rupee experienced its best weekly performance in about four years and surged to the 80-per-dollar handle for the first time since mid-September in the week ending Nov. 11 thanks to weaker-than-anticipated U.S. inflation statistics.
The local currency lost some of its gains this week, ending down 1.1% at 81.6850 per dollar.