India’s forex reserves rise for third week, hit over four-month high

India’s foreign exchange reserves (INFXR=ECI) rose for a third straight week and stood at a more than four-month high of $604.04 billion as of Dec. 1, data from the Reserve Bank of India (RBI) showed on Friday.

The reserves rose by $6.1 billion in the reporting week, the highest gain since the week ended July 14. Reserves had risen by a total of $7.6 billion in the prior two weeks.

Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.