India's foreign exchange reserves have continued to increase for a second consecutive week, reaching USD 578.778 billion in the week ending March 24, according to the Reserve Bank of India on Friday.
This follows a rise of USD 12.8 billion in the previous week, bringing the total forex reserves to USD 572.8 billion.
It is worth noting that India's forex reserves hit a record high of USD 645 billion in October 2021, but have since been declining due to the central bank using the reserves to defend the rupee against pressures caused by global developments.
The foreign currency assets, a significant component of the forex reserves, increased by USD 4.38 billion to USD 509.728 billion in the week ending March 24, as reported by the RBI's Weekly Statistical Supplement.
This figure takes into account the impact of the appreciation or depreciation of non-US currencies, such as the euro, pound, and yen held in the forex reserves.
In addition, gold reserves increased by USD 1.37 billion to USD 45.48 billion, while Special Drawing Rights rose by USD 201 million to USD 18.419 billion, and the country's reserve position with the IMF increased by USD 27 million to USD 5.151 billion during the reporting week, according to the RBI.
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