India’s foreign exchange reserves rose for a seventh consecutive week, reaching a six-month high of $686.15 billion as of April 18, according to central bank data released on Friday.
The reserves climbed by $8.3 billion during the reported week, following a cumulative $39.2 billion rise over the previous six weeks.
India’s FX reserves now stand about $19 billion below the all-time high of $704.89 billion, set in late September.
Changes in foreign currency assets are driven by the Reserve Bank of India’s interventions in the forex market as well as valuation shifts stemming from the appreciation or depreciation of foreign-held assets.
During the week under review, the rupee gained about 0.8% — its best weekly rise since March 17 — supported by stronger foreign portfolio inflows into Indian equities. Gains in the local currency were also aided by a softer US dollar, amid concerns about the economic impact of tariffs on the United States.
However, the rupee closed the week at 85.45 per dollar, slipping 0.1%, as geopolitical tensions escalated following a militant attack in India’s Jammu & Kashmir region.
