After a huge decline, India's foreign exchange reserves increased by $862.4 million to touch $294.821 billion for the week ended March 16.

The rise in reserves is mainly on account of currency revaluation, according to figures from the Reserve Bank of India.

In the earlier week, forex reserves had declined by $1.029 billion to $293.959 billion.

In the week under consideration, foreign currency assets increased by $910 million to $259.489 billion.

Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies such as the euro, sterling and yen held in reserves.

During the week, the euro weakened from $1.313 to $1.305 against the dollar.

Gold was unchanged at $28.127 billion.

SDRs fell by $29.7 million to $4.419 billion. The reserve position in the IMF fell by $18.5 million to $2.784 billion.

Next week the rupee is likely to remain under pressure as there would be dollar demand from oil companies to meet their month-end demand, said forex dealers.

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