India’s foreign exchange reserves surge to record high of 645.58 billion

India’s foreign exchange reserves witnessed a notable surge, marking the sixth consecutive week of increase, as reported by the Reserve Bank of India (RBI) on Friday.

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The reserves climbed by $2.951 billion to reach $645.583 billion for the week ended March 29, continuing a positive trend. This follows a previous week’s rise of $140 million, bringing the total to $642.631 billion.

This upswing comes after a previous peak in September 2021, when the country’s forex reserves hit an all-time high of $642.453 billion. During the intervening period, the reserves experienced fluctuations due to interventions by the central bank to stabilize the rupee amidst global economic pressures. The data released by the RBI for the week ending March 29 revealed that the increase primarily stemmed from a rise in foreign currency assets, which surged by $2.354 billion to $570.618 billion. These foreign currency assets are influenced by the fluctuations in the value of non-US currencies such as the euro, pound, and yen held in the reserves.