In the previous week, reserves had surged by $15.27 billion—the largest weekly jump since August 2021—partly due to the RBI’s $10 billion forex swap. However, the latest increase was more modest, reflecting ongoing market interventions and revaluation effects, Reuters reported.
Foreign currency assets, which form a significant portion of the reserves, declined by $96 million to $557.19 billion. Meanwhile, gold reserves rose by $66 million to $74.39 billion.
The RBI has actively intervened in the forex market to manage rupee volatility, selling dollars in the spot market and conducting buy-sell swaps to maintain liquidity. The rupee depreciated 0.1% week-on-week during the period but gained 1.2% over the past week, ending at 85.9725 against the US dollar.
India’s reserve position with the International Monetary Fund (IMF) increased by $283 million to $4.43 billion, while Special Drawing Rights (SDRs) rose by $51 million to $18.26 billion.
India’s forex reserves had reached an all-time high of $704.88 billion in September 2024 but have been fluctuating due to currency valuation changes and RBI interventions.
Also read: Rupee records best weekly gain in over two years
The rupee surged 36 paise to close at 86 against the US dollar on Friday (March 21), marking its strongest weekly gain in over two years. The rally was driven by robust foreign inflows and gains in domestic equities.
Over the past six sessions, it has gained 123 paise—the highest weekly rise since January 2023.
(From Agency inputs)
First Published: Mar 21, 2025 5:50 PM IST
