Forex reserves rise for third week in a row; up $2.9 bn to $550.14 bn

Fall in US dollar index seen providing revaluation boost to RBI reserves

The Reserve Bank of India’s (RBI’s) foreign exchange reserves rose by $2.9 billion to $550.14 billion in the week ended November 25, the latest central bank data showed.

The data marks the third consecutive week in which the RBI’s reserves have increased.

The rise in reserves last week was on account of an increase in the RBI’s foreign currency assets, which jumped $3 billion to $487.29 billion, the data showed.

In the week ended November 25, the rupee was flat against the US dollar. The Indian currency has, however, appreciated sharply in the previous month, adding on 1.7 per cent.