Indias foreign exchange reserves have increased by nearly $1 billion in the fortnight after the Reserve Bank of India (RBI) announced a package of measures to shore up the rupee on January 16.
Reserve Bank officials said foreign currency reserves with the central bank have topped $24 billion, according to the latest data available. The reserves had dropped to $23.4 billion when the Reserve Bank announced its package.
Reserves had been declining in the four weeks beginning December 26, when they aggregated $24.2 billion. Thereafter, they declined to $24.1 on January 2, $23.7 billion on January 9 and $23.4 billion on January 16.
However, currency reserves have climbed since then, after the RBI started buying dollars to prevent the rupees appreciation against the greenback. The rupee has strengthened from Rs 40.4 a dollar on January 16 to Rs 38.73 yesterday.
