The country’s foreign exchange reserves jumped by over 9 billion US dollars to reach 697.121 billion US dollars for the week ended 3rd April of this month. According to the Reserve Bank of India, the country’s foreign exchange reserves witnessed a strong rebound in the first week of April, recovering from the previous week’s decline. This comes after a significant drop of over 10 billion US dollars in the preceding week, which ended on the 27th of March, when reserves had slipped to over 688 billion US dollars.
The latest increase was driven by gains across key components of the reserve basket. Gold reserves recorded a sharp rise of 7.221 billion US dollars, taking their total value to 120 billion US dollars. Foreign currency assets, the largest component of the reserves, also increased by 1.784 billion US dollars to over 552 billion US dollars.
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