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India's foreign exchange reserves rose for the third straight week, to $550.14 billion in the week through November 25, according to Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday.

The foreign exchange reserves for the week ended November 18 stood at $547.25 billion.

Foreign currency assets rose by $3 billion to $487.29 billion for the week ending November 25 according to the Weekly Statistical Supplement released by the RBI. 

It was at $484.29 billion for the week ending November 18.

Foreign currency assets (FCA) which is expressed in dollar terms, include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

However, gold reserves fell by $73 million to $39.94 billion.

The rupee pared its initial gains and settled down by 9 paise at 81.35 (provisional) against the US dollar on Friday as the support from weak dollar was negated by weak domestic markets and a surge in crude oil prices.

At the interbank foreign exchange market, the local unit opened at 81.11, but pared the gains and ended at 81.35, down 9 paise over its previous close.

Since hitting an over two-year low of $524 billion in October, forex reserves have been rising as the dollar index fell off its peak. The RBI in the past has said changes in its reserves is a function of revaluation gains or losses, as well as market interventions.

After the volatility in early November, the Indian rupee has moved in a narrow band over the past two weeks, with traders reckoning it would remain stable between the 81-82 per dollar range in the near term.

 

(With inputs from Reuters and PTI)

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