The RBI reported on Friday that the nation’s foreign exchange reserves increased by USD 4.529 billion to USD 658.8 billion in the week ending March 21. The total reserves rose by USD 305 million to USD 654.271 billion over the previous reporting week.
The kitty, which has been on a downward trajectory lately due to revaluation and RBI interventions in the FX market to help lower rupee volatility, has increased for three weeks in a row. In September 2024, the foreign exchange reserves reached a record high of USD 704.885 billion.
Foreign currency assets, a significant part of the reserves, climbed by USD 1.669 billion to USD 558.856 billion for the week ending March 21, according to data issued on Friday.
When expressed in US dollars, foreign currency assets include the impact of the growth or decline of non-US currencies held in foreign exchange reserves, such as the euro, pound, and yen. According to the apex bank, the Special Drawing Rights (SDRs) fell by USD 22 million to USD 18.24 billion.
The RBI reported that gold reserves rose by USD 2.883 billion throughout the week to USD 77.275 billion. In the reporting week, India’s reserve position with the IMF decreased by USD 2 million to USD 4.429 billion, according to data from the apex bank.
