RBI's forex reserves rise for fifth straight week to $564.07 billion

According to analysts, the increase in the RBI's reserves is owing to revaluation as well as the central bank's purchases of the greenback as it looks to replenish the reserves

The Reserve Bank of India’s (RBI's) foreign exchange reserves rose by $2.9 billion to $564.07 billion in the week ended December 9. This is the fifth consecutive week of an increase in the central bank’s coffers.

The rise in the previous week was mainly on account of an increase in the RBI’s foreign currency assets, which rose by $3.1 billion to $500.13 billion, according to latest data. In the week ended December 9, the RBI’s gold reserves declined by $296 million to $40.73 billion, the data showed.

In the week ended December 9, the rupee depreciated 1.2 per cent versus