India’s forex reserves rise by USD 6.3 billion to USD 584.76 billion

India’s forex reserves jumped by USD 6.3 billion to USD 584. 755 billion for the week ended April 7, the RBI said on Friday.

Foreign Currency Assets increased by USD 4.740 billion to USD 514.431 billion.

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 also increased by USD 1.496 billion to USD 46.696 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 58 million to USD 18.450 billion, the apex bank said.

The country’s reserve position with the IMF was up by USD 13 million to USD 5.178 billion in the reporting week, the apex bank data showed.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion.

A comfortable level of foreign exchange reserves will further bolster macroeconomic stability, RBI Governor Shaktikanta Das said while announcing the RBI’s monetary policy decision.

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