India’s Forex Reserves Reaches the Highest Point in 9 Months: Crossed USD 586.41 Billion

Indian foreign exchange reserves have reached USD 586.41 billion as per the Weekly Statistical Supplement report released by the Reserve Bank of India on Friday, the 14th of April 2023 and this marks the highest forex reserve the country has had in the past 9 months.

India’s Forex Reserves Reaches USD 586.41 Billion

As of last week’s Weekly Statistical Supplement report released by the Reserve Bank of India(RBI), India’s forex reserves have increased from USD 1.65 billion to USD 586.41 billion, reaching its highest point in 9 months. An overall increase of USD 25.47 billion was also recorded in the past four weeks, as stated in the article published in CNBC TV18.

The country marked its highest ever forex reserves back in the month of October 2021, recording a total of USD 645 billion and in comparison to this, is still about 60 billion away from that record. Even if that is the case, the rapid increase in the foreign exchange reserves is both noteworthy and is a significant growth for the country as it should be noted that the forex reserves and assets of the country fell by USD 18 billion and 20 billion respectively in the previous financial year.

The forex assets too have had an increase from USD 2.20 billion to USD 516.63 billion as of last week and for those of you who didn’t know, forex assets are calculated in dollars considering all the other non-US currencies with their respective appreciation or depreciation rates with the US dollar.

It should also be noted that as of now, India is ranked 5th in the largest forex exchange chart after China, Japan, Switzerland, and Russia and is positioned above developed countries like Saudi Arabia, the US, and the UK.