India's foreign exchange reserves gained by a healthy $1.815 billion to $476.475 billion for the week to April 10, as per the latest weekly data from the Reserve Bank of India (RBI) released on Friday.
The forex reserves had declined by $902 million to $474.660 billion in the previous week, due to the fall in foreign currency assets. And in the week before, the reserves had surged by $5.65 billion to $475.561 billion.
On a year-on-year basis, the forex reserves had rallied by a whopping $61.6 billion as of April 10, according to RBI data. In the financial year 2020-21 so far, the foreign exchange reserves have risen by almost $62 billion.
The reserves had touched an all-time high of $487.23 billion in the week to March 6, having risen by $5.69 billion. Since then, the reserves had been falling as the rupee was in a free-fall. In the second week of March, they registered their steepest fall - by a whopping $11.9 billion - as the RBI was forced to defend the rupee.
For the reporting week, foreign currency assets, which form the major chunk of the reserves, gained by $1.222 billion to $440.338 billion, up $53.576 billion on a year-on-year basis.
In the week that ended on April 3, the assets had declined by $547 million to $439.116 billion.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
As against a decline of $340 million to $30.550 billion in the previous week, gold reserves rose to $31.136 billon, up by $586 million on a weekly basis, and gained by $7.832 billion on an annualised level.
The country's reserve position with the IMF, which declined by $19 million to $3.566 billion in the previous week, gained by $11 million to $3.578 billion on a weekly basis, and by $216 million on an annualised basis.
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