MUMBAI (Reuters) – India’s overseas alternate reserves rose for a second week to hit an over nine-month excessive of $586.41 billion for the week ended April 14, the Reserve Financial institution of India’s (RBI) statistical complement confirmed on Friday.

That is a rise of $1.65 billion from the earlier week. Reserves had gone up by $6.3 billion within the week ending April 7.

The central financial institution intervenes within the spot and forwards markets to stop runaway strikes within the rupee. Adjustments in foreign exchange reserves additionally stem from valuation features or losses.

For the reported week, the rupee had ended marginally increased in opposition to the U.S. greenback and traded in a variety of 81.77 to 82.15.

The rupee closed at 82.09 on Friday within the week ending April 21, halting a four-week rising streak.