India’s forex reserves rise USD 6.30 bn to USD 584.75 bn

14 April, 2023 | Amish Mahajan

Indian Foreign Business

The RBI said on Friday that India's forex reserves increased by USD 6.306 billion to USD 584.755 billion for the week ended April 7.

The country’s foreign exchange reserves increased by $6.306 billion to reach $584.755 billion in the week ended April 7. The Reserve Bank of India (RBI) gave this information on Friday.

With this increase, the decline that has been going on for the last two weeks has ended. The previous week, the country’s foreign exchange reserves declined by $329 million to $578.42 billion.

Notably, in October 2021, the country’s total foreign exchange reserves reached the highest level of $ 645 billion.

It declined later as the central bank used reserves to counter a sharp fall in the rupee’s exchange rate amid global developments.

According to the RBI’s weekly data, foreign currency assets, a key part of reserves, increased by $4.74 billion to $514.431 billion in the week ended April 7.

Expressed in dollars, foreign currency assets also include the effects of movements in non-US currencies such as the euro, pound and yen.

The Reserve Bank said that the value of gold reserves increased by $ 1.496 billion to $ 46.696 billion in the reporting week.

According to the data, Special Drawing Rights (SDRs) increased by $58 million to $18.45 billion.

In the week under review, the country’s currency reserves with the International Monetary Fund (IMF) increased by $ 13 million to $ 5.178 billion.