India's forex reserves rise by $394 million to $631.92 billion

The country's foreign exchange reserves increased by USD 394 million to USD 631.92 billion in the week ended March 4, the RBI data showed.

In the previous week ended February 25, the reserves had declined by USD 1.425 billion to USD 631.527 billion. It touched a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

During the reporting week, the gain in the reserves was due to a rise in the foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India's (RBI) weekly data released on Friday showed.

FCA increased by USD 634 million to USD 565.466 billion in the week ended March 4.

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

Gold reserves declined by USD 147 million to USD 42.32 billion in the reporting week, according to the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 59 million to USD 18.981 billion, the RBI said.

The country's reserve position with the IMF decreased by USD 34 million to USD 5.153 billion in the reporting week, the data showed.