India's Forex Reserves See Sharpest Rise in 2 Years

After the $10 billion forex swap undertaken by the central bank on 28 February, when it bought dollars against rupee to inject liquidity in the system, the country's foreign exchange reserves saw a huge $15.267 billion spike during the week ended 7 March.

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The sharp rise during the week was the sharpest jump in over two years.

The forex reserves had increased to an all-time high of $704.885 billion in September last year 2024.

Foreign currency assets, a major component of the reserves, increased by $13.993 billion to $557.282 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.