India's forex reserves hit 10 month high at $588.78bn
In October 2021, India's forex reserves touched an all-time high of $645 billion
India's foreign exchange reserves hit a 10-month high jumping $4.532 billion to $588.78 billion for the week ended 28 April, the Reserve Bank of India said on Friday (5 May).
The overall reserves had dropped $2.164 billion to $584.248 billion in the previous reporting week.
In October 2021, the country's forex reserves touched an all-time high of $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.
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For the week ended 28 April, foreign currency assets, a major component of the reserves, increased nearly $5 billion to $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 $494 million to $45.657 billion, the RBI said.
The Special Drawing Rights (SDRs) were up $35 million to $18.466 billion,
The country's reserve position with the IMF was down $4 million to $5.172 billion in the reporting week.
