According to Reuters article published on April 14, 2023, India's foreign exchange reserves (INFXR=ECI) jumped to $584.76 billion for the week ended April 7, the highest in nine months, the Reserve Bank of India's (RBI) statistical supplement showed on Friday.
That is an increase of $6.3 billion from the previous week.
The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee . Changes in forex reserves also stem from valuation gains or losses.
For the reported week, the rupee ended 0.3% higher against the U.S. dollar. The Indian unit traded in a wide range of 81.8300 to 82.4550 to the dollar.
The rupee closed at 81.85 on Thursday and clocked its fourth consecutive weekly rise for the holiday-shortened week ending April 14.
