India’s foreign exchange reserves surged by $2.98 billion to reach a new pinnacle of $648.562 billion at the week’s conclusion.

In September 2021, the nation’s foreign exchange reserves peaked at an unprecedented $642.453 billion, a milestone surpassed in March of this year. The reserves experienced a setback as the central bank utilized them to support the rupee against pressures primarily stemming from global events. However, there has been a consistent accumulation in reserves over the recent months.

For the week ending April 5, data released on Friday revealed that foreign currency assets, a significant component of the reserves, rose by $549 million to $571.166 billion. Foreign currency assets, when expressed in dollar terms, encompass the impact of fluctuations in non-US currencies such as the euro, pound, and yen held within the foreign exchange reserves.

According to the RBI, gold reserves surged by $2.398 billion to $54.558 billion during the week. Additionally, the apex bank reported that Special Drawing Rights (SDRs) increased by $24 million to $18.17 billion.