Forex reserves reach US$ 588 bn in April 28 week

In the week which ended on April 21, forex reserves witnessed a decline of US$ 2.164 billion

May 8, 2023

India's forex reserves climbed by US$ 4.532 billion

Foreign currency assets (FCA) rose by US$ 4.996 billion to reach US$ 519.485 billion in the week that ended on April 28 this year

Special Drawing Rights (SDRs) also increased by US$ 35 million to US$ 18.466 billion

The Indian rupee is near 81.80 levels against the US dollar

India’s forex reserves climbed by US$ 4.532 billion to US$ 588.780 billion in the week that ended on April 28, 2023, reaching a 10-month high, according to data released by the Reserve Bank of India (RBI).

In the previous week which ended on April 21, forex reserves witnessed a decline of US$ 2.164 billion.

Foreign currency assets (FCA) rose by US$ 4.996 billion to reach US$ 519.485 billion in the week that ended on April 28 this year, compared to a decrease of US$ 2.146 billion in the previous week. Additionally, Special Drawing Rights (SDRs) also increased by US$ 35 million to US$ 18.466 billion by April 28. 

However, gold reserves declined by US$ 494 million to US$ 45.657 billion, and the reserve position in the IMF was also reduced by US$ 4 million to US$ 5.172 billion. On March 31, 2023, India’s foreign exchange reserves were placed at US$ 578.4 billion.

Media reports also stated that the Indian rupee is near 81.80 levels against the US dollar, and has seen minor gains in the week.

According to experts, the rupee is expected to fluctuate within the range of 81.50-82.00 following indications from the FED, which could benefit the rupee in the future. Additionally, as crude oil prices continue to decline, this could also create a favourable environment for the rupee, as crude oil prices have experienced a significant downward trend.

Source: Mint

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