India's foreign exchange reserves surged by $6.55 billion to $625.626 billion for the week ending March 1, announced the Reserve Bank of India on Friday.
In the preceding reporting period, reserves had climbed by $2.975 billion to reach $619.072 billion.
The nation's forex reserves hit an all-time high of $645 billion in October 2021. However, pressures on the reserves emerged as the central bank utilized them to shield the rupee amidst global developments since last year.
For the week ending March 1, the data revealed that foreign currency assets, a significant constituent of the reserves, soared by $6.043 billion to $554.231 billion.
Foreign currency assets, expressed in dollar terms, encompass the impact of appreciation or depreciation of non-US units such as the euro, pound, and yen held in the foreign exchange reserves.
Gold reserves also witnessed an uptick, rising by $569 million to $48.417 billion during the same period, as per the RBI.
Meanwhile, Special Drawing Rights (SDRs) experienced a decrease of $17 million to $18.18 billion, according to the central bank.
India's reserve position with the International Monetary Fund (IMF) also dipped by $41 million to $4.798 billion in the week under review, the apex bank data indicated.
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