India's Forex Reserves Surge Amid Strategic Interventions
India's foreign exchange reserves experienced a significant increase of USD 15.267 billion, reaching USD 653.966 billion, marking the largest surge in over two years. This rise is attributed to a USD 10 billion forex swap conducted by the RBI, aimed at maintaining rupee stability through liquidity injection.

- Country:
- India
In a dramatic shift, India's foreign exchange reserves soared by USD 15.267 billion, reaching a total of USD 653.966 billion, as reported by the Reserve Bank of India (RBI). This remarkable increase, the steepest in more than two years, occurred during the week ending March 7.
Recent months saw a decline in reserve levels, largely due to valuation changes and the RBI's proactive interventions in the forex market to curb rupee volatility. However, reserves had peaked at an unprecedented USD 704.885 billion in late September 2024.
The recent upswing is primarily credited to a strategic USD 10 billion forex swap on February 28, through which the RBI bolstered liquidity by purchasing dollars against the rupee. While foreign currency assets saw a significant jump, gold reserves decreased, and the reserve position with the IMF experienced a slight dip.
(With inputs from agencies.)
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- IMF
- SDRs
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