India’s Forex Reserves Rise By $305 Million To $654.271 Billion

India’s forex reserves rose by $305 million to $654.271 billion for the week ending March 14, according to the Reserve Bank of India (RBI).

In the previous week, reserves however surged by $15.267 billion to $653.966 billion, marking the sharpest weekly rise in two years.

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This increase was partly due to the $10 billion forex swap conducted by the RBI.

However, the forex reserves have recently declined due to revaluation and RBI’s market interventions aimed at stabilizing the rupee.

The reserves had previously touched an all-time high of $704.885 billion in September 2024.

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Breakdown Of Forex Reserves

Foreign currency assets, which form a major part of the reserves, declined by $96 million to $557.186 billion.

These assets however include the impact of exchange rate fluctuations of currencies like the euro, pound, and yen.

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Meanwhile, gold reserves increased by $66 million, reaching $74.391 billion.

The Special Drawing Rights (SDRs) further rose by $51 million to $18.262 billion, while India’s reserve position with the IMF increased by $283 million to $4.431 billion.

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