India’s foreign exchange reserves rise for the third straight week

India saw its foreign exchange reserves grow for the third consecutive week ended January 27, 2017. Data released by the Reserve Bank of India (RBI) on February 3 showed that forex reserves rose $782.7 million to $361.55 billion.
In the preceding two weeks, the reserves increased $932.4 million (week ended January 20) and $687.9 million (week ended January 13). The previous reporting week saw the country’s forex reserves fall $1,141.9 million.
Foreign currency assets, which form a major component of India’s foreign exchange reserves, rose $776 million to $339.21 billion as of January 27, 2017, while gold reserves remained unchanged at $18.58 billion, according to the RBI’s weekly statistical supplement. During the week under review, the Indian rupee dropped mid-week, but recovered later to close at 68.04 to the US dollar.