India's Forex Reserves Rise By $6.30 to $584.75 Billion

The RBI reported on Friday that India's forex reserves rose by $6.306 billion to $584.755 billion for the week ending April 7. The currency fund's two-week upward trend was broken in the most recent reporting week, when it fell by $329 million to $578.45 billion.

It should be mentioned that the nation's foreign exchange reserves hit an all-time high of $645 billion in October 2021. The reserves have been decreasing as the central bank has utilised its funds to support the rupee against pressure from international events.

According to the Weekly Statistical Supplement provided by the RBI on Friday, the foreign currency assets, a significant part of the reserves, climbed by $4.74 billion to $514.431 billion for the week ending April 7. The foreign currency assets, presented in dollar terms, include the value of the appreciation or depreciation of non-US currencies held in forex reserves, such as the euro, pound, and yen.

The RBI said that gold reserves increased by $1.496 billion to $46.696 billion. According to the apex bank, the Special Drawing Rights (SDRs) increased by $58 million to $18.45 billion. The information showed that during the reporting week, the country's reserve position with the IMF increased by $13 million to $5.178 billion.