Foreign exchange reserves rises $1.6 billion to $349 billion
Reserve Bank of India said that foreign exchange reserves it maintains has risen by $1.590 billion in the week ending January 29, despite pressure on rupee.
The reserves now stands at $349.152 billion.
RBI does not give any reason behind the rise or fall of reserves. But market watchers said that the dollar inflows into the country during the reporting week were perhaps higher than the outflows making the reserves rise.
The rupee closed at 67.60 a dollar Friday
The rupee crossed the 68 level a dollar on January 20 amid fear of a major slowdown in China coupled a major global economic slowdown. This level of was last seen in 2013 when the news of the tapering of quantitative easing programme of the US Federal Reserve rocked all markets.
Reserves had dipped about $5 billion between December 25 and January 15 as RBI was seen intervening to stabilise the slide of the local currency.