India's foreign exchange reserves reached a new milestone, climbing for the fifth consecutive week to reach an all-time high of $642.63 billion by March 22, according to data released by the central bank. During the reporting week, reserves surged by $139 million.

Fluctuations in foreign currency assets, when denominated in dollar terms, encompass the impact of currency appreciation or depreciation of other currencies held within the reserves. These reserves also encompass India's Reserve Tranche position within the International Monetary Fund.

To maintain stability, the Reserve Bank of India (RBI) intervenes in the foreign exchange market, aiming to mitigate excessive volatility in the rupee's value. On Thursday, the domestic currency settled at 83.40 against the dollar. Notably, India's financial markets remained closed on Friday due to a holiday.