India’s foreign exchange reserves witnessed a substantial increase, rising by USD 15.267 billion to reach USD 653.966 billion as of March 7, 2024. The surge was primarily attributed to a USD 10 billion forex swap conducted by the Reserve Bank of India (RBI). Foreign currency assets and gold reserves experienced notable growth, with a slight decrease noted in the reserve position held with the International Monetary Fund (IMF). This spike represents the most significant weekly surge in over two years, showcasing India’s robust financial standing in the global market.