India’s forex reserves increase after four weeks, up $9.06 billion

India’s foreign exchange reserves increased after four weeks of consecutive fall by $9.06 billion to $697.12 billion during the week ended April 3 on the back of a rise in gold reserves, latest data by the Reserve Bank of India (RBI) showed.

Gold reserves increased by $7.22 billlion during the reported week. Meanwhile, foreign currency assets rose by $1.78 billion to $552.85 billion during the same period.

Gold prices increased by 4.06 per cent to $4676/oz during the reported week.

Foreign exchange reserves increased by $22.72 billion during the previous financial year.