India's Foreign Exchange ( FOREX) reserves rose by USD 6.306 billion to USD 584.755 billion for the week ended April 7, the Reserve bank of India (RBI) said on Friday, April 14.
In the last reporting week, the forex reserve snapped a foertnight rising trend to decline by USD 329 million to 578.45 billion. It can be noted that in October 2021, the country's forex kitty reached an all-time high of USD 645 billion.
The reserves have been declining as the Reserve bank deployed the kitty to defend the rupee amid pressures caused by global developments. For the week ended April 7, the foreign currency assets, a major component of the reserves, increased by USD 4.74 billion to USD 514.431 billion, as per the Weekly Statistical analyses Supplement released by the Reserve bank of India on weekend Friday.
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.
Meanwhile, Gold reserves rose by USD 1.496 billion to USD 46.696 billion, the central bank said. The Special Drawing Rights were up by USD 558 million to USD 18.45 billion, the RBI bank said. The country's reserve position with the International Monetary Fund was up by USD 13 million to USD 5.178 billion in the reporting week, the data showed.