The RBI reported on Friday that India’s foreign exchange reserves increased by USD 6.3 billion to USD 584. 755 billion for seven days 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 rose 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 continue to be 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 a record-breaking high of USD 645 billion in October 2021. According to RBI Governor Shaktikanta Das, maintaining an appropriate amount of foreign exchange reserves will add to macroeconomic stability.
