Mumbai: India’s forex reserves increased by USD 1.567 billion to USD 677.835 billion for the week ended April 11, the Reserve Bank said on Friday. This is the sixth consecutive week of a rise in the kitty. The overall reserves jumped by USD 10.872 billion to USD 676.268 billion in the previous reporting week ended April 4. The forex reserves touched an all-time high of USD 704.885 billion in September 2024.
For the week ended April 11, foreign currency assets, a major component of the reserves, rose by USD 892 million to USD 574.98 billion, the data released on Friday showed. 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 surged by USD 638 million to USD 79.997 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down USD 6 million at USD 18.356 billion, the apex bank said. India’s reserve position with the IMF was up USD 43 million at USD 4.502 billion in the reporting week, the apex bank data showed.
The forex reserves of India touched a peak of $704.885 billion in September 2024. Since then the decline of the Indian currency against the US Dollar has been mainly held responsible for the dip in reserves since RBI tries to stabilize the Indian currency by selling the greenback. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
