India's Forex Reserves See Biggest Weekly Jump Since 2021, Hit 10-Month High of $636 Billion

• India's foreign exchange reserves jumped by $10.47 billion to $636.1 billion as of March 8, 2024, the biggest weekly increase since July 2021 • This is the highest level of forex reserves since October 2021 when reserves hit an all-time high of $645 billion • The increase was driven by rises in foreign currency assets, gold reserves, SDRs, and reserve position in the IMF • RBI actively draws down reserves to defend the rupee amid global pressures and prevent excessive volatility • RBI closely monitors forex markets and intervenes to maintain orderly conditions, not to target a specific exchange rate level