Mumbai: India’s foreign exchange reserves rose by $2.3 billion to $703 billion in the week ended April 17, mainly due to an increase in foreign currency assets with upward revaluation of dollar assets.
Separately, the Indian rupee declined 14 paise amid dollar demand from foreign investors and private oil companies. The local unit closed at 94.25/$ on Friday, against its previous close of 94.11. The RBI likely sold dollars to prevent further deprecation, traders said.
Also Read: India’s forex reserves rise $2.3 billion to $703.30 billion as of April 17
Benchmark Yield Drops
Yields on the 10-year benchmark government bond were little changed on Friday, although they eased by six basis points during the session to close at 6.93%, show CCIL data. The drop was due to short-covering on news that Iranian foreign minister Abbas Araqchi was expected to land in Islamabad for talks with the US.