India’s forex reserves rise for seventh consecutive week at $686.15 billion

Mumbai:India's foreign exchange reserves rose for a seventh consecutive week and stood at a six-month high of $686.15 billion as of April 18, according to data released by the central bank on Friday.

The reserves rose by $8.3 billion in the reported week, after increasing by a cumulative $39.2 billion in the prior six weeks.

India's FX reserves are now about $19 billion away from the record high of $704.89 billion hit in late September.

Changes in foreign currency assets are caused by the central bank's intervention in the forex market as well as the appreciation or depreciation of foreign assets held in the reserves.

Rupee Gains

For the week to which the reserves data pertains, the rupee had gained about 0.8%, its best weekly rise since March 17, as foreign portfolio inflows into Indian equities picked up.

Gains in the local unit also came as the dollar remained on the defensive amid concerns about how tariffs would affect the U.S.

The rupee closed at 85.45 per dollar, ending down 0.1% on the week, amid rising geopolitical concerns between India and Pakistan following a militant attack in the state of Jammu & Kashmir.

Forex reserves include India's Reserve tranche position at the International Monetary Fund.