Forex Reserves Surge to USD 658.8 Billion - RBI

Mumbai, Mar 28 (PTI) The country's forex reserves jumped by USD 4.529 billion to USD 658.8 billion during the week ended March 21, the RBI said on Friday.

In the previous reporting week, the overall reserves had increased by USD 305 million to USD 654.271 billion.

This is the third consecutive week of rise in the kitty, which has been on a declining trend recently due to revaluation, along with forex market interventions by the RBI to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of USD 704.885 billion in September 2024.

For the week ended March 21, foreign currency assets, a major component of the reserves, increased by USD 1.669 billion to USD 558.856 billion, the data released on Friday showed.

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.

Gold reserves increased by USD 2.883 billion to USD 77.275 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 22 million to USD 18.24 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 2 million at USD 4.429 billion in the reporting week, the apex bank data showed.