India's foreign exchange reserves increased for the second week in a row, reaching an all-time high of $655.82 billion as of June 7, the Reserve Bank of India (RBI) said on Friday. The reserves increased by $4.3 billion in the reporting week, following a $4.8 billion increase the week before.
The RBI aggressively manages the foreign exchange market to keep the rupee stable. Reserve changes are influenced by the RBI's market actions as well as changes in the value of foreign assets.
During the reported week, the rupee traded between 82.9475 and 83.5300 against the dollar, representing a 0.1% weekly increase. However, it finished at 83.5550 on Friday, down 0.2% week on week.
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