India's FX reserves jump to $653.97 bln; highest weekly rise in over 3 years
This story was originally published at 10:01 IST on 15 March 2025
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MUMBAI – India's foreign exchange reserves rose by $15.27 billion in the week ended Mar. 7 to $653.97 billion, according to the data released by the Reserve Bank of India on Friday. Reserves gained the most in a week since Aug. 27, 2021.
At $653.97 bln, India's foreign exchange reserves were at the highest since Dec. 6. Reserves received a boost in the week ended Mar. 7 from the RBI's $10 billion dollar/rupee buy/sell swap auction, which was conducted on Feb. 28, with the settlement on Mar. 4, market participants said.
Apart from the swap, valuation gains also boosted the reserves, as per market participants. Further, the Indian rupee rose in the week for which the data was released. It gained 0.7% on week to 86.87 a dollar. During the same week, the dollar index had declined by 3.4% on week to 103.91. The dollar index measures the strength in the greenback against a basket of six major currencies.
Further, India's foreign currency assets rose $13.93 billion on week to $557.28 billion as of Mar. 7. The portion of gold in reserves also rose by $1.1 billion in the week to $74.33 billion. End
US$1 = INR 86.9975
Reported by Sourabh Kumar
Edited by Akul Nishant Akhoury
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