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Forex kitty swells by $305 mn to $654.271 bn
Mumbai: The country’s forex reserves increased by $305 million to $654.271 billion during the week ended March 14, the RBI said on Friday.In the...
Mumbai: The country’s forex reserves increased by $305 million to $654.271 billion during the week ended March 14, the RBI said on Friday.In the previous reporting week, the overall reserves rose by $15.267 billion to $653.966 billion and registered the sharpest weekly rise in two years. The spike in foreign reserves was partly attributed to the $10 billion forex swap done by the Reserve Bank of India (RBI).
The reserves have 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 increased to an all-time high of $704.885 billion in September 2024. For the week ended March 14, foreign currency assets, a major component of the reserves, decreased by $96 million to $557.186 billion, the data released on Friday showed.
