business NewsIndia’s foreign exchange reserves rose by $4.532 billion to $588.780 billion on a weekly basis on April 28, according to the Reserve Bank of India data. During the previous week ended April 21, the forex reserves declined by USD 2.16 billion to USD 584.24 billion. In the week to April 14, they rose by USD 1.657 billion to USD 586.412 billion, a level not seen in more than nine months.
Coming back to the latest RBI data, India’s foreign currency assets, the largest component of foreign exchange reserves, increased by USD 4.996 billion to USD 519.485 billion. During the latest week, the gold reserves declined by $494 million to $45.657 billion.
In October 2021, the country’s foreign exchange reserves touched an all-time high of around USD 645 billion. Much of the decline can be attributed to the recent RBI intervention and increase in the cost of imported goods.
In addition, foreign exchange reserves had fallen substantially as the Reserve Bank of India intervened in the market to protect the rupee against the rising US dollar. With a view to arresting the steep fall in the dollar, Rs.
The Reserve Bank of India closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by controlling excessive volatility in the exchange rate, without reference to any pre-determined target level or band.
(With ANI inputs)
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