India's Forex Reserves Rise For Second Consecutive Week, Jumps $3.825 Billion To $700.946 Billion

India's forex reserves jumped USD 3.825 billion to USD 700.946 billion during the week ended April 10, says RBI. In the previous reporting week, which ended April 3, the overall reserves had jumped USD 9.063 billion to USD 697.121 billion. The kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year, before the onset of the Middle East conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.

For the week ended April 10, foreign currency assets, a major component of the reserves, increased by USD 3.127 billion to USD 555.983 billion, the central bank's data showed.

Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of gold reserves increased by USD 601 million to USD 121.343 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 56 million to USD 18.763 billion, the apex bank said.

India's reserve position with the IMF was up USD 41 million to USD 4.857 billion at the end of the reporting week, according to the apex bank's data.

Rupee Trades Higher

The rupee appreciated by 29 paise to settle at 92.85 (provisional) against the US dollar on Friday, buoyed by a weakening American currency and retreating crude oil prices amid increasing hopes of easing geopolitical tensions.

Renewed buying in domestic equity markets and fresh inflow of foreign funds also supported the local currency, forex traders said.

Also Read: Stock Market Settles Sharply Higher On Sustained Buying; Sensex Jumps 504 Points

At the interbank foreign exchange market, the rupee opened at 92.93 and touched an intraday high of 92.65 against the greenback. The unit also touched the day's low of 92.98 before ending the session at 92.85 (provisional) against the American currency, up 29 paise from the previous closing level.

Disclaimer: This story has been directly published from the agency feed. No changes have been made by The Daily Jagran team except the headline.