India's foreign exchange reserves rose to the highest level since early November to $676 billion for the period ended April 4, according to data from the Reserve Bank of India on Friday.
The country's forex kitty swelled by nearly $11 billion over the previous reporting week, the fifth consecutive advance. The reserves added $6.6 billion in the week ended March 28.
India ranks as the fourth-largest holder of foreign exchange reserves, sufficient to cover 11 months of imports, Finance Minister Nirmala Sitharaman informed the Rajya Sabha last month. The country's forex holding is the fourth largest after China, Japan and Switzerland.
Reserves have steadily recovered after a steep fall from their peak of $700 billion at the end of September.
Besides, foreign investors have pulled out $13.6 billion from the country's debt and equity markets so far this year, according to data from the National Securities Depository Ltd.
The rupee has also seen high volatility during this period amid global trade tensions and a slowdown in the world's fifth-largest economy.
For the week ended April 4, foreign currency assets—a major component of the reserves—rose to $574 billion, according to the RBI data. In dollar terms, foreign currency assets include the effect of the appreciation or depreciation of non-US units like the euro, pound, and yen held in foreign exchange reserves.
Gold reserves increased to $79.4 billion during the week.
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