India’s forex reserves rise for second week, hit over 9-month high

The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.

For the reported week, the rupee had ended marginally higher against the U.S. dollar and traded in a range of 81.77 to 82.15.

The rupee closed at 82.09 on Friday in the week ending April 21, halting a four-week rising streak.