New Delhi, March 23 -- India's foreign exchange reserves rose USD 305 million to USD 654.271 billion in the week that ended on March 14.

The previous week witnessed the highest weekly gains in over three years.

Prior to that, forex reserves had slumped for about four months, recently hitting an 11-month low. Then followed the latest rollercoaster movement, with gains some weeks and declines the next.

Forex reserves started falling after touching an all-time high of USD 704.89 billion in September. They are now about 7 percent lower from their peak.

The decline in reserves was most likely due to RBI intervention, aimed at preventing a sharp depreciation of the Rupee. The Indian Rupee is now at or near its all-time low against the US do...