India’s foreign exchange reserves increased by $6.30 billion to $584.75 billion.

The RBI reported on Friday that India’s foreign exchange reserves climbed by $6.306 billion to $584.755 billion for the week ending April 7. The currency kitty dropped by $329 million to $578.45 billion in the most recent reporting week, reversing a two-week upward trend.

It should be mentioned that the nation’s currency reserves reached an all-time high of $645 billion in October 2021. The reserves have been decreasing as the central bank used its funds to support the rupee against pressure from international events.

According to the Weekly Statistical Supplement published by the RBI on Friday, the foreign currency assets, a significant part of the reserves, climbed by $4.74 billion to $514.431 billion for the week ending April 7. The effects of the appreciation or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves are included in the foreign currency assets when expressed in dollar terms.

The RBI reported a $1.496 billion increase in gold reserves to $46.696 billion. The Special Drawing Rights (SDRs) increased by 58 million dollars to $18.45 billion, according to the top bank. The data showed that during the reporting week, the nation’s reserve position with the IMF increased by $13 million to $5.178 billion.

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