Mumbai, The country’s foreign exchange reserves rose by USD 305 million to USD 654.271 billion during the week ended March 14, the RBI said on Friday.
In the previous reporting week, the total reserves rose by USD 15.267 billion to USD 653.966 billion and recorded the fastest weekly rise in two years. The rise in forex reserves is partly attributed to the USD 10 billion foreign exchange swaps made by the Reserve Bank of India.
The reserves have been on a declining trend recently due to revaluation as well as interventions in the foreign exchange market by the RBI to help reduce volatility in the rupee.
The foreign exchange reserves rose to an all-time high of USD 704.885 billion in September 2024.
For the week ended March 14, foreign currency assets, a major component of the reserves, declined by USD 96 million to USD 557.186 billion, according to data released on Friday.
Expressed in dollar terms, foreign currency assets include the impact of appreciation or depreciation of non-US units such as the euro, pound and yen held in the forex reserves.
Gold reserves rose by USD 66 million to USD 74.391 billion during the week, the RBI said. Special drawing rights (SDRs) rose by USD 51 million to USD 18.262 billion, the apex bank said.
India’s reserve position with the IMF also rose by USD 283 million to USD 4.431 billion in the week under review, the apex bank data showed.
India’s foreign exchange reserves gain to USD 654.271 billion
