India's forex reserves rise USD 6.30 bn to USD 584.75 bn

Mumbai: India's forex reserves increased by USD 6.306 billion to USD 584.755 billion for the week ended April 7, the RBI said on Friday.  In the last reporting week, the forex kitty snapped a two-week rising trend to decline by USD 329 million to 578.45 billion.

It can be noted that in October 2021, the country's forex kitty reached an all-time high of USD 645 billion. The reserves have



been declining as the central bank deployed the kitty to defend the rupee amid pressures caused by global developments.

For the week ended April 7, the foreign currency assets, a major component of the reserves, increased by USD 4.74 billion to USD 514.431 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.