India’s Forex Reserves Jump $4.52 Billion To $658.8 Billion; Third Week Of Rise In A Row

Rising for the third consecutive week, the country’s foreign exchange (forex) reserves jumped by $4.529 billion to $658.8 billion during the week ended March 21, according to the latest data from the RBI.

In the previous reporting week, the overall reserves had increased by $305 million to $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 $704.885 billion in September 2024.

During the week ended March 21, gold reserves increased by $2.883 billion to $77.275 billion, according to the RBI data. Foreign currency assets, a major component of the reserves, increased by $1.669 billion to $558.856 billion, it stated.

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.

The special drawing rights (SDRs) were down by $22 million to $18.24 billion, the apex bank said. India’s reserve position with the IMF was also down by $2 million at $4.429 billion in the reporting week.

Rupee-Dollar During Week Ended March 28
The Indian rupee fell to 85.78 to a US dollar as month end demand kept the dollar up along with a shift in the month end date from March 28 to April 2.

For the week ended March 28, the dollar headed for a steady week and for a quarterly loss next week as concerns about tariffs slowing US growth has pushed down US yields, currency and the equities in the Jan-Mar quarter of 2025.