India Reserves Rise for First Time in Month to $642 Billion [Yahoo! Finance Canada]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg India's foreign exchange reserves rose for the first time in four weeks, as monetary authority likely bought dollars. The stockpile increased by $3.7 billion to $641.59 billion as of May 3, data released by the Reserve Bank of India showed on Friday. A decline in the dollar against other major currencies in the RBI's stockpile that week probably also contributed to the rise. ADVERTISEMENT Currency interventions are the Reserve Bank of India's tool of choice for crimping volatility in the rupee. Asian currencies including the yen, the won and the rupee have come under pressure versus the dollar as US officials appear likely to keep borrowing costs at elevated levels. The pile of assets totaled a record $649 billion in early April but then declined for three straight weeks. The rupee touched a record low of 83.5750 per dollar in April and has been trading just shy of that level since then. The rupee fell 0.1% in the week ending May 3, data compiled by
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