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India's forex reserves rise to $676.3 billion, central bank governor says - REUTERS
MUMBAI (Reuters) - India's foreign exchange reserves stood at $676.3 billion as of April 4, the central bank governor said on Wednesday, the highest level in five months and gaining for a fifth consecutive week.
The reserves rose by $10.9 billion in the reporting week, the most in a month, after increasing by a cumulative $26.7 billion in the prior four weeks.
The reserves provide an import cover of about 11 months, Reserve Bank of India Governor Sanjay Malhotra said, while announcing the policy decision.
India's external sector remains "resilient", Malhotra said.
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.
In the week to April 4, the rupee gained 0.3% week-on-week, after the announcement of sweeping U.S. reciprocal tariffs jolted global currency markets and dragged the dollar lower.
Investors are grappling with a turbulent landscape in the wake of the tariff war and growing recession fears in the U.S.
The rupee was trading at 86.53 per dollar on Wednesday from 86.58 before the RBI's policy decision and 86.2650 in the previous session. [INR/]
Forex reserves include India's Reserve tranche position at the International Monetary Fund.
(Reporting by Siddhi Nayak; Editing by Eileen Soreng)
