MUMBAI: The forex reserves continue to gain for the third consecutive week and jumped $4.529 billion to hit a four month high of $658.8 billion for the week to March 21, the weekly data from the Reserve Bank of India (RBI) showed on Friday.
The reserves have been rising as the apex bank has been buying dollars on one hand and on the other it has been selling less to defend the rupee, which has been stabilising in March after five months of bleeding. In the previous reporting week, the overall reserves had increased by $305 million to $654.271 billion and in the week before it had soared by $15.26 billion.
This is the third consecutive week of gains, 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 hit an all-time high of $704.885 billion for the week to September 27, 2024.For the week ended March 21, foreign currency assets, a major component of the reserves, rose $1.669 billion to $558.856 billion.
