New Delhi (India), 15th April 2023: The RBI reported on Friday that India’s foreign exchange reserves increased by USD 6.3 billion to USD 584. 755 billion for the week ending April 7.
The foreign exchange fund saw a two-week growing trend halt in the most recent reporting week, falling by USD 329 million to USD 578.45 billion.To reach USD 514.431 billion, foreign currency assets increased by USD 4.740 billion.
The value of the appreciation or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.
The RBI said that gold reserves rose by USD 1.496 billion to USD 46.696 billion. According to the top bank, the Special Drawing Rights (SDRs) increased by USD 58 million to USD 18.450 billion.
According to data from the apex bank, the nation’s reserve position with the IMF increased by USD 13 million to USD 5.178 billion during the reporting week.
The reserves have been dropping as the central bank uses its funds to defend the rupee against pressures mostly brought on by international events. It should be mentioned that the nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021.
According to RBI Governor Shaktikanta Das, maintaining a comfortable level of foreign exchange reserves will further support macroeconomic stability.
