Foreign exchange reserves rise at fastest pace in more than a year

Revaluation amid weaker dollar, spot market purchases lift reserves to $544.72 billion

With a $14.7-billion jump, the Reserve Bank of India (RBI) registered the highest weekly increase in its foreign exchange reserves since August 27, 2021. The forex reserves stood at $544.72 billion in the week ended November 11.

The sharp rise in reserves was primarily on account of an increase of $11.8 billion in the central bank’s foreign currency assets to $482.53 billion, the latest RBI data showed.

In the week gone by, the rupee strengthened sharply against the dollar, appreciating 2 per cent, as a sharper-than-expected decline in US inflation buoyed hopes of the Fed slowing down the pace of