India’s forex reserves increased by $6.306 billion to $584.755 billion for the week ended April 7, according to the latest RBI data. In the last reporting week, the forex kitty snapped a two-week rising trend to decline by $329 million to $578.45 billion.
In October 2021, the country’s forex kitty reached an all-time high of $645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused by global developments.
For the week ended April 7, the foreign currency assets, a major component of the reserves, increased by $4.74 billion to $514.431 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.
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 $1.496 billion to $46.696 billion, the RBI said. The Special Drawing Rights (SDRs) were up by $58 million to $18.45 billion, the apex bank said. The country’s reserve position with the IMF was up by $13 million to $5.178 billion in the reporting week, the data showed.
In the entire financial year 2022-23, the overall forex reserves has fallen $28.86 billion.
India’s foreign exchange (forex) had reached an all-time high of $645 billion in October 2021. Since then, the reserves saw a continuous decline as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
Reserves dropped sharply by almost 18.5 per cent i.e. around $118 bn from a record high of $642 bn touched in September 2021 to $524.52 bn in October 2022. But, reserves rose from October 2022 to $578.80 billion (till 17th March) as RBI bought dollars on dip to replenish its reserves.
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