India’s foreign exchange reserves (INFXR=ECI) rose for a third straight week to total $609.02 billion as of July 14, the highest in nearly 15 months, data from the central bank showed on Friday.
They rose by $12.74 billion from the week earlier – the biggest gain in four months – having risen by a total of $3.08 billion in the prior two weeks.
“A major portion of the week-on-week jump in forex reserves is driven by revaluation gains due to dollar weakness and reduction in U.S. Treasury yields,” said Gaura Sen Gupta, India economist at IDFC FIRST Bank.
Read More : Indian Forex Reserves Surpass $600 Billion, Near Highest Level in 15 Months