India’s forex reserves rise to $642.631B

NEW DELHI: India’s forex exchange (forex) reserves rose by $139 million to $642.631 billion during the week ending on March 22, data released by the country’s central bank, the Reserve Bank of India (RBI), showed on Friday.

This was the fifth straight week when India’s forex reserves rose. Media reports described them as the highest forex ever reserves till date.

Forex reserves had stood at $642.492 billion during the previous week ending March 15.

The RBI data further revealed that gold reserves rose by $347 million to $51.487 billion, while the foreign currency assets, which is the key component of forex reserves, declined by $123 million to $568.264 billion, showed the RBI’s weekly data.

Meanwhile, the Indian Rupee’s value remained between 83.31 and 83.40 against the US dollar, said local media reports.