India’s Forex Reserves Rise

India’s foreign exchange reserves rose $1.6 billion to reach $363.1 billion as on February 3 said the Reserve Bank of India in a statement to the media on Friday, PTI reported. The rupee having appreciated against the dollar over the past week, has caused the RBI to intervene heavily in the forex market and buy dollars in order to shore up its foreign reserves which had partially depleted heavily towards the end of last year, said market sources. This rise comes on the back of small pickups in the foreign exchange reserves over the last few weeks of January and February.