India’s forex reserves jump to 9-month high

© Reuters. FILE PHOTO: A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas

MUMBAI (Reuters) – India’s foreign exchange reserves jumped to $584.76 billion for the week ended April 7, the highest in nine months, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

That is an increase of $6.3 billion from the previous week.

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 ended 0.3% higher against the U.S. dollar. The Indian unit traded in a wide range of 81.8300 to 82.4550 to the dollar.

The rupee closed at 81.85 on Thursday and clocked its fourth consecutive weekly rise for the holiday-shortened week ending April 14.