India’s foreign exchange reserves rise to $588.78 billion

As per the data, India’s foreign currency assets, the biggest component of the forex reserves, rose by US$ 4.99 billion to US$ 519.48 billion.

   
India's-forex-exchange

India’s foreign exchange reserves increased marginally by US$ 4.53 billion to US$ 588.78 billion during the week ending April 28, according to Reserve Bank of India data released on Friday.

As per the data, India’s foreign currency assets, the biggest component of the forex reserves, rose by US$ 4.99 billion to US$ 519.48 billion.

During the week ending April 21, the country’s foreign exchange reserves had fallen by US$ 2.164 billion to US$ 584.248 billion.
Incidentally in October 2021, the country’s forex reserves had reached an all-time high of US$ 645 billion.

Also Read: Indian investment in the US has significantly increased, says report

Earlier in January 2023, India’s foreign exchange reserves rose to US$ 576.76 billion 7, according to data released by the Reserve Bank of India (RBI).

This was the third consecutive week that the country’s reserves have risen. During the week ending January 20, the foreign exchange reserves were US$ 573.73 billion.

The central bank has been intervening to buy dollars to stabilise the rupee. Apart from this, the valuation changes have also added to the RBI’s foreign exchange reserves.

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