MUMBAI, May 10 Reuters India39;s foreign exchange reserves halted a threeweek losing streak and stood at 641.59 billion as of May 3, coming off sevenweek lows, data from the central bank showed on Friday.

The reserves rose by 3.7 billion in the reporting week, the biggest gain in nearly two months. They had fallen by a total of 10.6 billion in the previous three weeks.

The Reserve Bank of India RBI intervenes in the foreign exchange market to curb excess volatility in the rupee.

Changes in foreign currency assets are caused by the RBI39;s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.

Foreign exchange reserves also include India39;s reserve tranche position in the International Monetary Fund.

For the week to which the foreign exchange data pertains, the rupee traded in a range of 83.34 to 83.5250 against the dollar and had logged marginal weekly losses.

The currency settled at 83.50 on Friday and declined nearly 0.1 weekonweek.

FOREIGN EXCHANGE RESERVES in million U.S. dollars

May 03 April 26

2024 2024

Foreign currency assets 564,161 559,701

Gold 54,880 55,533

SDRs 18,051 18,048

Reserve Tranche Position 4,499 4,639

Total 641,590 637,922

Source text httpswww.rbi.org.inscriptsBSPressReleaseDisplay.aspx, opens new tab

Reporting by Siddhi Nayak; Editing by Sohini Goswami

Source Reuters