India's forex reserves are up US$ 1.65 billion to US$ 586.4 billion, shows RBI data
- IBEF
- April 24, 2023
In April 2023, India's foreign exchange holdings increased from US$ 1.65 billion to US$ 586.41 billion.
According to data from the Reserve Bank of India, the increase in reserves was caused by a US$ 2.2 billion addition to currency reserves, bringing the total to US$ 516.6 billion.
The International Monetary Fund (IMF) reserve position increased by US$ 12 million to US$ 5.19 billion in April 2023.
On a net basis, RBI made purchases in February 2023 totalling US$ 254 million. However, by the end of March 2022, the total amount sold will be US$ 26.26 billion. The outstanding net forward purchase of hard currency amounted to US$ 20.47 billion at the end of February 2023. At the end of March 2022, the outstanding net forward purchases were US$ 65.79 billion.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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