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

The Reserve Bank of India said on Friday that India’s foreign exchange reserves increased by $6.306 billion to $584.755 billion for the week ending April 7. In the last week of the report, Forex Kitty snapped a two-week upward trend to drop by $329 million to $578.45 billion.

In October 2021, the country’s foreign exchange volume reached an all-time high of $645 billion. Reserves were running low as the central bank deployed the fund to defend the rupee amid pressure from global developments.

Read also: India’s foreign exchange reserves decreased by $329 million to $578.45 billion

In the week ending April 7, foreign currency assets, a major component of reserves, increased by $4.74 billion to $514.431 billion, according to the weekly statistical supplement released by the Reserve Bank of India on Friday.

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

The Reserve Bank of India said that gold reserves rose by $1.496 billion to $46.696 billion.

The central bank said special drawing rights rose by $58 million to $18.45 billion.

The data showed that the country’s reserve position with the International Monetary Fund rose by $13 million to $5.178 billion in the reporting week.