India’s forex kitty was set to reach an all-time high of $645 billion in October 2021.
Gold reserves increased by $1.45 billion to $46.696 billion during the week ended April 7; Special Drawing Rights increased by $58 million to $18.45 billion
India’s foreign exchange reserves rose by $6.306 billion to $584.755 billion for the week ended April 7, according to the latest data from the Reserve Bank of India. In the last reporting week, the forex kitty snapped a two-week rising trend by $329 million to $578.45 billion.
In October 2021, the country’s forex kitty reached an all-time high of $645 billion. Reserves are falling as the central bank deploys kitty to protect the rupee amid pressure due to global growth.
For the week ended 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 RBI on Friday.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
RBI said that gold reserves increased by $ 1.496 billion to $ 46.696 billion. The apex bank said special drawing rights (SDRs) rose by $58 million to $18.45 billion. The country’s reserve position with the IMF rose by $13 million to $5.178 billion in the week under review, the data showed.
In the entire financial year 2022-23, the total foreign exchange reserves have fallen by $28.86 billion.
India’s foreign exchange (foreign exchange) was to reach an all-time high of $645 billion in October 2021. Since then, reserves have seen a steady decline as the central bank deployed the kitty to protect the rupee amid pressure mainly due to global developments.
From a record high of $642 billion in September 2021, a decline of about 18.5 percent, or about $118 billion, to fall to $524.52 billion in October 2022. Dive in to refill your reserves.
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