India's foreign exchange reserves hit seven-week high of $590.78 billion

India's foreign exchange reserves rose for a second straight week and stood at a seven-week high of $590.78 billion as of Nov. 3, data from the Reserve Bank of India (RBI) showed on Friday.
 

The reserves rose by $4.7 billion, adding to the $2.6-billion rise in the prior week ending Oct. 27.

Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.

The RBI has bolstered its forex reserves to deal with potential eventualities, RBI Governor Shaktikanta Das said on Thursday, adding that India's current account deficit is "eminently manageable."

 

Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund.

For the week the forex reserves data pertains, the rupee had hit a record low of 83.2950 against the dollar. The unit, however, was little changed on a week-on-week basis.

The currency settled at 83.34 on Friday, a record closing low, and was down 0.2% for the week.