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India's Forex Reserves Jump $9B to $697B After Weeks of Depletion
India's forex reserves rose $9.06B to $697.12B for the week ended April 3, recovering from a $10.29B drop the prior week. Foreign currency assets increased $1.78B to $552.86B, reflecting stabilization after the West Asia crisis-driven depletion.
India's foreign exchange reserves climbed $9.06 billion to $697.12 billion for the week ended April 3, the Reserve Bank of India reported Friday. The increase marks a sharp reversal from the previous week's $10.29 billion decline, when reserves had fallen to $688.06 billion.
Foreign currency assets, the largest component of reserves, rose $1.78 billion to $552.86 billion during the week. These assets are expressed in dollar terms and include valuation effects from non-US currencies like the euro, pound, and yen held in the reserves.
The rebound comes after sustained pressure on India's forex kitty following the West Asia crisis. Reserves had peaked at an all-time high of $728.49 billion in late February before several weeks of depletion eroded the buffer. The RBI likely intervened in currency markets to manage rupee volatility during the turbulent period.
The latest data signals easing pressure, though reserves remain below the February peak. With global uncertainties persisting, the central bank's ability to rebuild reserves will be critical for currency stability and external sector confidence in the months ahead.
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