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India’s foreign exchange reserves increased by $6.3 billion to jump to $584.76 billion for the week ended 7 April, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday, report agencies
This the highest in nine months, according to data released by the central bank.
In the last reporting week, the forex exchange reserves snapped a two-week rising trend to decline by $329 million to 578.45 billion.
It can be noted that in October 2021, the country’s forex reserves reached an all-time high of $645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused by global developments.
The foreign currency assets, a major component of the reserves, increased by $4.74 billion to $514.431 billion for the week ended April 7, according to the Weekly Statistical Supplement released by the RBI on 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.
Gold reserves rose by $1.496 billion to $46.696 billion, the RBI said.
The Special Drawing Rights (SDRs) were up by $58 million to $18.45 billion, the apex bank said.
The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.
For the reported week, the rupee ended 0.3% higher against the US dollar. The Indian unit traded in a wide range of 81.8300 to 82.4550 to the dollar.
The rupee closed at 81.85 on Thursday and clocked its fourth consecutive weekly rise for the holiday-shortened week ending April 14.
The country’s reserves position with the IMF was up by USD 13 million to USD 5.178 billion in the reporting week, the data showed.
