New Delhi: India’s foreign exchange reserves increased by $6.306 billion to $584.755 billion in the week ended April 7, the Reserve Bank of India said on Friday. In the last reporting week, the forex kitty reversed a two-week rising trend by USD 329 million to USD 578.45 billion.
It may be noted that in October 2021, the country’s forex kitty reached an all-time high of USD 645 billion. Reserves are falling as the central bank deploys kitty to protect the rupee amid pressure due to global growth. ,Also Read: SBI relaunches Amrit Kalash FD scheme: Check interest rate, benefits, and more,
For the week ended April 7, foreign currency assets, a major component of reserves, rose 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 2023 for senior citizens: 6 best banks offering over 8% on 3-year fixed deposits,
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.
The Reserve Bank said that the 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 increased by USD 13 million to USD 5.178 billion in the week under review.