India's forex reserves rise to a 9-month high of $586 billion

For the week ended April 14, foreign currency assets rose by $2.20 billion to $516.63 billion. The foreign currency assets are calculated in dollar terms and take into account the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in foreign exchange reserves. It is important to note that in the last financial year of 2022-23, Forex reserves fell by $18 billion and Forex assets by more than $20 billion.

While foreign currency assets have been rising, gold reserves have seen a decline of $525 million to $46.2 billion due to rising prices. On the MCX, gold prices are currently trading above Rs 60,000, and international prices are above $2,000/ounce. Similarly, the Special Drawing Rights (SDRs) have also fallen by $38 million to $184 billion.

Despite these fluctuations, the Indian rupee has seen a minor appreciation against the dollar to the level of $81.85, the highest it has been in more than two months.