Foreign exchange reserves snap 4-week falling streak, grow by $1.5 bn

RBI's foreign currency assets up $1.2 billion to $497.1 bn last week

After four consecutive weeks of decline, the Reserve Bank of India’s foreign exchange reserves rose by $1.5 billion to $562.4 billion in the week ended March 3.

The rise was largely on account of an increase in the RBI’s foreign currency assets, which climbed $1.2 billion to $497.1 billion in the last week, latest central bank data showed.

In the week ended March 3, the rupee strengthened sharply versus the US dollar, gaining 1 per cent, as corporate and overseas investment flows boosted the local currency.

“India's forex kitty rose on the back of revaluation of foreign