India's forex reserves rise to near three-month high of $597.94 billion

India's foreign exchange reserves rose for a second straight week and stood at a near three-month high of $597.94 billion as of Nov. 24, data from the Reserve Bank of India (RBI) showed on Friday.

The reserves rose by $2.5 billion in the reporting week, after rising $5.1 billion in the week before.
 

Changes in foreign currency assets are caused by the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
 

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 traded in a narrow range of 83.2250 to 83.38 against the dollar, and logged a marginal weekly decline.
 

 

The currency settled at 83.2875 on Friday, up 0.1% for the week.