India's foreign exchange reserves swelled to another record high of $645.6 billion for the week-ended April 5, Reserve Bank of India data showed on Friday. The kitty saw a jump of nearly $3 billion over the previous reporting week. This is the fourth straight week that the reserves have hit a new high.
Since October 2021, forex reserves have taken a hit as the central bank deployed dollars to defend the rupee amid pressure caused primarily by global developments. The forex stock hit a low of $524.5 billion in October 2022.
So far this year, foreign portfolio investors have pumped in Rs 92,926 crore into the country's debt and equity markets, according to data on the National Securities Depository Ltd.
More robust greenback inflows in dollar/rupee spot market, ahead of India's inclusion to JPMorgan's Government Bond Index-Emerging Markets, is expected.
For the week-ended April 5, the foreign currency assets—a major component of the reserves—increased by $549 million to $571.16 billion, the RBI data showed.
Expressed in dollar terms, the foreign currency assets include the effect of the appreciation or depreciation of non-U.S. units like the euro, pound and yen, held in the foreign exchange reserves.
Gold reserves increased by $2.4 billion to $54.5 billion during the week.
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