New Delhi, March 16 -- India's foreign exchange reserves had their highest weekly gains in over three years in the week ending March 7.

Reserve Bank of India data showed that in the week under consideration, foreign exchange reserves rose by USD 15.267 billion to USD 653.966 billion.

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 is most likely due to RBI intervention, aimed at preventing a sharp depreciation of the Rupee. The Indian ...