Forex reserves at a 10-month high of $589 billion, shows RBI data

India’s foreign exchange reserves rose by $4.53 billion to $588.78 billion in the week ended April 28. This is a 10-month high level with the previous high being $588.31 billion in the week ended July 1, 2022, according to Reserve Bank of India (RBI) data.

The overall reserves had declined by $2.16 billion to $584.24 billion in the previous reporting week (April 21). In April, the overall reserves rose by $10.31 billion, RBI data showed.  

For the week ended April 28, foreign currency assets increased nearly $5 billion to $519.48 billion, according to RBI’s  Weekly Statistical Supplement. 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 dropped by nearly half billion dollar to $ 45.65 billion. The Special Drawing Rights (SDRs) were up $ 35 million to $18.46 billion. The country’s reserve position with the IMF was down $4 million to $5.17 billion in the reporting week.