Forex kitty sees biggest weekly gain in over 3 years

India’s dollar stockpile had its biggest weekly gain in over three years, bolstered by RBI’s currency swap operations last month. Foreign exchange reserves grew by $15.3 billion to nearly $654 billion in the week to March 7, data released on Thursday showed. That is the highest weekly gain since Aug 27, 2021, according to Bloomberg data. This comes after the central bank injected $10 billion through a foreign-exchange swap auction on Feb 28, stepping up efforts to ease a cash crunch in the financial system.
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