India's forex exchange reserves rise to 11-week high of $595 billion

India's forex reserves rise to 11-week high

India's foreign exchange reserves rose to an 11-week high of $595.40 billion as of Nov. 17, data from the Reserve Bank of India (RBI) showed on Friday.
 

The reserves rose by $5.1 billion, the biggest gain in four months.
 

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 range of 83.01 to 83.3325 against the dollar. It was little changed for the week.
 

The currency settled at 83.3675 on Friday, a record closing low, and was down 0.1% for the week.