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India's forex reserves rise for second week

Reuters
·1-min read
FILE PHOTO: Illustration photo of an India Rupee note

MUMBAI (Reuters) - India's foreign exchange reserves rose for a second week to $547.25 billion in the week through Nov. 18, the Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.

It was a volatile week for rupee, as sharp moves brought it back to trade in the 81-per-dollar-handle from near 80.50.

The currency moved in a narrow band in the week ended Nov. 25 to close unchanged at 81.6850.

For the week ended Nov. 11, the country's reserves were at $544.72 billion. Overall, they have declined from $632.7 billion at the beginning of this year, as the RBI has sold a portion of the reserves to ease volatility in the currency markets.

(Reporting by Anushka Trivedi in Mumbai; Editing by Shinjini Ganguli)