India’s Forex Reserves grow to $562.4 BN, First rise in 5 weeks

India’s foreign exchange reserves rose by $ 1.46 billion to $ 562.4 billion as of March 3, arresting the four successive weeks of fall, the Reserve Bank of India said. The Forex reserves had fallen by $15.8 billion during the preceding four weeks.

In the previous week ending February 24, the reserves had declined by $325 million to $560.942 billion, and the week before, by a whopping $5.68 billion, showed the Reserve Bank of India (RBI) data. The worst drop was in the week of February 10 when the reserves plunged by a steep $8.32 billion to $ 566.95 billion.

In October 2021, the Forex kitty had reached an all-time high of $645 billion.During the week ending March 3, the accretion was primarily due to the increase in the value of the foreign currency assets, the most significant component of the reserves, to the tune of $1.2 billion to $497.1 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

This led to the central bank’s revaluation of foreign assets and dollar buying. India’s Forex reserves grow to $562.4 BN, first rise in 5 weeks