India's forex reserves rise for first time in 5 weeks to USD 562.40 bn

Mumbai: The Reserve Bank of India on Friday said India's foreign exchange reserves rose for the first time in five weeks to USD 562.40 billion as of the week ended March 3.

The reserves rose USD 1.46 billion at the end of last week after falling by a total of USD 15.8 billion in the previous four weeks, the RBI's statistical supplement showed on Friday. It said the reserves stood at USD 560.94 billion in the week to February 24. The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments.

Foreign exchange reserves declined by USD 5.681 billion to USD 561.267 billion in the week ending on February 17.