India’s foreign exchange reserves increased for the fourth consecutive week, reaching $665.4 billion as of March 28, according to the data released by the Reserve Bank of India (RBI) on Friday. This marks the highest level in nearly five months, reported Reuters.

The reserves rose by $6.6 billion in the latest reporting week, following a cumulative increase of $20.1 billion over the previous three weeks. Movements in foreign currency assets within the reserves are influenced by the central bank’s market interventions and fluctuations in the value of foreign assets.

During the same period, the rupee appreciated by 0.6% against the US dollar, supported by renewed foreign investment in Indian equities. Over the past few months, the rupee faced pressure due to foreign capital outflows and a strong dollar. However, a shift in these trends has contributed to the currency’s recovery.

On March 28, the rupee closed at 85.2350 per dollar, registering a 0.3% gain for the week and extending its 2% appreciation over the last two weeks. India’s forex reserves also include its Reserve Tranche Position at the International Monetary Fund.