MUMBAI, March 24 (Reuters) - India's foreign exchange
reserves rose to $572.8 billion as of the week ended
March 17, their highest level since early-February, the Reserve
Bank of India's (RBI) statistical supplement showed on Friday.
The reserves stood at $560 billion in the week to March 10,
down $2.4 billion from the prior week.
The central bank intervenes in the spot and forwards market
to prevent runaway moves in the rupee's exchange rate
against the dollar.
The RBI has said in the past that changes in reserves also
stem from valuation gains or losses.
Last week, the rupee fell 0.6% against the dollar, logging
its biggest weekly decline in five, amid an escalation in the
global banking crisis. The currency traded in a range of 81.75
to 82.80 last week.
The rupee ended at 82.48 on Friday with marginal gains for
the week. (Reporting by Siddhi Nayak; Editing by Varun H K)
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