MUMBAI, March 31 (Reuters) - India's foreign exchange
reserves rose for a second straight week and stood
at $578.78 billion, highest since early July, as of the week
ended March 24, the Reserve Bank of India's (RBI) statistical
supplement showed on Friday.
That is an increase of $5.98 billion from the previous week.
The central bank intervenes in the spot and forwards market
to prevent runaway moves in the rupee's exchange rate
against the dollar. Changes in the forex reserves also stem from
valuation gains or losses.
In the week ended March 24, the rupee was marginally higher
against the dollar, trading in the 82.0700 to 82.7050 range.
The rupee ended at 82.1650 on Friday and logged its biggest
weekly rise in nearly a month. The Indian unit fell 7.8% against
the greenback in 2022-23. (Reporting by Siddhi Nayak; Editing by Janane Venkatraman)
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