Reserves of foreign currency reach a five-month high

The Reserve Bank of India (RBI) statistical supplement revealed on Friday that India’s foreign exchange reserves increased to $572 billion in the week ending January 13, their highest level since early August of the previous year.

That amount exceeds both the country’s reserves for the week ending January 6 ($561.58 billion) and the more than two-year low ($524.52 billion) reached in October 2022.

Although traders have reported instances of state-run banks potentially buying dollars on behalf of the RBI, the central bank has sometimes intervened in the spot and forwards market to preserve the rupee.

This news was written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.


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