India's forex reserves hit four month high

India's foreign exchange reserves gained for a third consecutive week and hit around four-month high of $658.80 billion as of March 21, data released by the central bank on Friday showed. Fx reserves rose by $4.5 billion in the reporting week. The foreign currency assets (FCA), a major component of the reserves, increased by $1.669 billion to $558.856 billion. Gold reserves increased by $2.883 billion to $77.275 billion during the week, said the RBI. The Special Drawing Rights (SDRs) slipped by $22 million to $18.24 billion. India's reserve position with the IMF was also down by $2 million at $4.429 billion in the reporting week.