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

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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.