India’s forex reserves rise $4.532 billion to $588.78 billion

NEW DELHI — India’s foreign exchange reserves jumped USD 4.532 billion to USD 588.78 billion for the week ended April 28, the Reserve Bank of India said on Friday.

The overall reserves had dropped USD 2.164 billion to USD 584.248 billion in the previous reporting week. In October 2021, the country’s forex reserves had touched an all-time high of USD 645 billion.

The reserves had been declining as the central bank deployed the kitty to defend the rupee amid pressures caused mainly by global developments. For the week ended April 28, foreign currency assets, a major component of the reserves, increased nearly USD 5 billion to USD 519.485 billion, according to the Weekly Statistical Supplement released by the RBI.

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 USD 494 million to USD 45.657 billion, the RBI said. The Special Drawing Rights (SDRs) were up USD 35 million to USD 18.466 billion while the country’s reserve position with the IMF was down USD 4 million to USD 5.172 billion in the reporting week.