Forex kitty surges for fourth week as RBI adds $6.6 billion

THE foreign exchange reserves continue to gain, adding $6.596 billion to a five-month high of $665.4 billion in the week to March 28, according to the latest data from the central bank.

- ENS ECONOMIC BUREAU @ Mumbai

In the previous three weeks, the RBI cumulatively added $20.1 billion. According to the government, this can cover 11 months of imports and makes the country's reserves the fourth largest in the world after China, which has over $3.3 trillion in its reserves, followed by Japan with $1.23 trillion, and the tiny Switzerland at the third place with $927 billion, which is 1.5 times of our forex reserve.

The reserves rose $6.56 billion to $665.4 billion as of March 28, the Reserve Bank said on Friday. This marks the highest level in nearly five months.