Reserve Bank of India (RBI) said India’s forex reserves is at USD 584.755 billion, up by USD 6.3 billion for the week ended 7 April, 2023.
The forex reserves had declined by USD 329 million to USD 578.45 billion after rising for two straight weeks.
For the week ended 7 April, the Foreign Currency Assets increased by USD 4.740 billion to USD 514.431 billion and gold reserves also increased by USD 1.496 billion to USD 46.696 billion.
During this period, country’s reserve position in relation to the IMF increased by USD 13 million to USD 5.178 billion.
Although the forex kitty has reached a nine-month high, the reserves have actually been dropping as the RBI deploys it to defend rupee amid pressures caused on the global front.
The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. In October 2021, India’s forex reserves had reached USD 645 billion.