India`s forex reserves hit 10 month high at $588.78bn

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. 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.

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