India’s foreign exchange reserves rose by USD 305 million, totaling USD 654.271 billion for the week ending March 14, as reported by the Reserve Bank of India (RBI).
This increase comes on the heels of last week’s significant surge, marking the largest weekly gain in more than three years.
Prior to the recent uptick, foreign exchange reserves had been consistently decreasing for almost four months, reaching an 11-month low. Since then, the trend has shown variability, with alternating weeks of increases and decreases.
India’s forex reserves had reached a historic high of USD 704.89 billion in September, but they have since decreased by nearly 7% from that peak.
This decline is primarily due to the Reserve Bank of India’s actions to mitigate the rapid depreciation of the Rupee, which continues to hover near record lows against the US dollar.
