India’s foreign exchange reserves rose for the third straight week to cross $550 billion, weekly data released by Reserve Bank of India data showed.
The reserves rose $2.890 billion in the week ending November 25 to $550.142 billion, helped by rise in foreign currency assets while reserves held in gold shrunk.
The rise reflects the central bank’s dollar buying from the market using the opportunity created by the recent rise in overseas investments into the country’s equity and debt markets, forex traders said. RBI does not provide reasons behind rise or fall in forex reserves.
Foreign currency assets rose $3 billion to $487.289 billion. Reserves held in gold however fell $73 million to $39.938 billion. Reserves held with the International Monetary Fund also dipped by $41 billion to $22.994 billion, RBI data showed.
