New Delhi [India], India's foreign exchange reserves rose for the seventh consecutive week to a new all-time high of US$648.562 billion for the year ended April 5, according to the latest data released by the Reserve Bank of India (RBI). India's foreign exchange assets (FCA), the largest component of foreign reserves, rose by US$549 million to US$571.166 billion in the week ended April 5, according to the central bank's weekly is statistical. Gold reserves rose by US$2.398 billion to US$54.558 billion during the week, the data showed. In calendar year 2023, the RBI added about US$58 billion to its forex kitty. In 2022, India's foreign exchange reserves are projected to decline cumulatively by US$71 billion.Foreign exchange reserves have increased by about US$28 billion on a cumulative basis so far in 2024. Foreign exchange reserves, or foreign exchange reserves (FX reserves), are assets that one holds. The country's central bank or monetary authority usually holds it in reserve currencies, usually the US dollar and, to a lesser extent, the euro, the Japanese yen, and the pound sterling. The country's foreign exchange reserves last reached its all-time high in October 2021. Much of the subsequent decline can be attributed to increases in the cost of imported goods in 2022.Furthermore, the relative decline in foreign exchange reserves may be linked to RBI intervention from time to time to protect against disproportionate depreciation in the market. Rupee rises against US dollar Normally, the RBI intervenes in the market from time to time through liquidity management including selling of dollars to prevent a sharp fall in the rupee. RBI closely monitors and intervenes in the foreign exchange markets. Market conditions can be maintained only by controlling excessive volatility in the exchange rate, without reference to any pre-determined target level or band.