After falling for two weeks in a row, India’s foreign exchange reserves have surged by $5.65 billion to $475.56 billion in the week ended on 27th of March. A Reserve Bank of India press release informed that foreign currency assets, a major part of the overall reserves increased by $2.56 billion to $439.66 billion.
In the previous week, the reserves had declined by $11.98 billion to $469.91 billion as the RBI was supplying dollars to contain fall in the rupee, which has breached the 76 mark against the US Dollar.
Gold reserves also increased by $3.03 billion to $30.89 billion. India's special drawing rights with the International Monetary Fund went up by $14 million to $1.42 billion, while the country's reserve position also increased by $44 million to $3.58 billion. (AIR)