New Delhi, March 21 -- The country's forex reserves increased by USD 305 million to USD 654.271 billion during the week ended March 14, the RBI said on Friday.

In the previous reporting week, the overall reserves rose by USD 15.267 billion to USD 653.966 billion and registered the sharpest weekly rise in two years. The spike in foreign reserves was partly attributed to the USD 10 billion forex swap done by the Reserve Bank of India.

The reserves have been on a declining trend recently due to revaluation, along with forex market interventions by the RBI to help reduce volatilities in the rupee. The forex reserves increased to an all-time high of USD 704.885 billion in September 2024.

For the week ended March 14, foreign currency assets,...