Foreign exchange reserves recover from seven-week lows

Foreign exchange reserves broke a three-week losing streak to $641.59 billion as of May 3, rebounding from ir lowest point in seven weeks, data from Reserve Bank of India showed.

During reporting week, reserves surged by $3.7 billion, marking best gain in almost two months. positive momentum followed a cumulative decrease of $10.6 billion over previous three weeks.

Reserve Bank of India (RBI) actively intervenes in foreign exchange market to mitigate excessive volatility in rupee's value.

Fluctuations in foreign currency assets are influenced by RBI's intervention as well as appreciation or depreciation of foreign assets held within reserves. ditionally, foreign exchange reserves comprise its reserve tranche position in International Monetary Fund.

Throughout week in focus, rupee tred within a range of 83.34 to 83.5250 against dollar, experiencing marginal weekly losses. By end of week, currency settled at 83.50, registering a slight decline of nearly 0.1 per cent week-on-week.

(With Reuters inputs)