According to the Reserve Bank of India’s statistical supplement released on Friday, India’s forex reserves surged to $584.76 billion for the week ending April 7, marking a nine-month high.
This reflects a $6.3 billion increase from the previous week. The Reserve Bank of India intervenes in the spot and forwards markets to prevent abrupt movements in the rupee’s value, and changes in forex reserves can also stem from valuation gains or losses.
In the reported week, the rupee appreciated by 0.3% against the U.S. dollar and traded between a broad range of 81.8300 and 82.4550 to the dollar. The rupee finished at 81.85 on Thursday and recorded its fourth consecutive weekly gain for the holiday-shortened week ending on April 14.