FX reserves rise $917 mn to $352 bn, rupee rises 25p

The country's foreign exchange reserves rose $917.5 million in the week ending May 29 to $352.47 billion. In the previous week, the reserves had fallen by $2.32 billion. Foreign currency assets, a key component, rose $980.4 million to $327.82 billion.

The rupee, meanwhile, closed 25 paise higher at 63.76 against the dollar, recovering from a 20-month low of 64.26 hit during intra-day trade on Thursday, on fresh selling of the greenback by banks and exporters in view of good foreign capital inflows. Snapping a three-day losing streak, the rupee resumed lower at 64.02 against the earlier closing level of 64.01 at the interbank foreign exchange, on initial dollar demand from banks and importers on the back of a higher dollar abroad and fell further to 64.03. But it recovered at the fag end of the day to 63.76, registering a gain of 25 paise or 0.40 per cent.