MUMBAI, April 21 (Reuters) - India's foreign
exchange reserves rose for a second week to hit an
over nine-month high of $586.41 billion for the week ended April
14, the Reserve Bank of India's (RBI) statistical supplement
showed on Friday.
That is an increase of $1.65 billion from the previous week.
Reserves had gone up by $6.3 billion in the week ending April 7.
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 had ended marginally higher
against the U.S. dollar and traded in a range of 81.77 to 82.15.
The rupee closed at 82.09 on Friday in the week ending April
21, halting a four-week rising streak.
(Reporting by Siddhi Nayak; Editing by Sohini Goswami)
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