Forex kitty up by $4.5 billion as rupee’s rise spurs dollar buys

India’s foreign exchange reserves rose by $4.53 billion in the week ending March 21, reaching $658.8 billion. The Reserve Bank of India bought dollars regularly as the rupee appreciated. The reserves had peaked at $705 billion in September. However, valuation gains in April-December 2024 were significantly lower, and reserves decreased by $13.8 billion in the same period.