India’s Forex Reserves Rise USD 6.30 Billion To USD 584.75 Billion

New Delhi: India’s forex reserves increased by USD 6.306 billion to USD 584.755 billion for the week ended April 7, the RBI said on Friday. In the last reporting week, the forex kitty snapped a two-week rising trend to decline by USD 329 million to 578.45 billion.

It can be noted that in October 2021, the country’s forex kitty reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused by global developments. (Also Read: SBI Reintroduces Amrit Kalash FD Scheme: Check Interest Rate, Benefits, And More)

For the week ended April 7, the foreign currency assets, a major component of the reserves, increased by USD 4.74 billion to USD 514.431 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. (Also Read: Latest FD Interest Rates For Senior Citizens 2023: 6 Best Banks Offering Rates Over 8% On 3-Year Fixed Deposits)

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves rose by USD 1.496 billion to USD 46.696 billion, the RBI said. The Special Drawing Rights (SDRs) were up by USD 58 million to USD 18.45 billion, the apex bank said.

The country’s reserve position with the IMF was up by USD 13 million to USD 5.178 billion in the reporting week, the data showed.