India’s central bank reported that the country’s foreign exchange reserves have reached a record high of 642.49 billion U.S. dollars during the week ending March 15. This marks the fourth consecutive week of an increase in reserves for India.
During the week ended March 15, the Reserve Bank of India stated that the forex reserves experienced a boost of almost 6.4 billion dollars. The data revealed that foreign currency assets reached 568.386 billion dollars, while gold reserves amounted to 51.14 billion dollars.
Despite the surge in forex reserves, the Indian rupee depreciated to its lowest level of 83.43 against the U.S. dollar. This drop was attributed to the general weakness in Asian currencies and the heightened local demand for the U.S. dollar.
