Indias Foreign Exchange reserves increased by$7.196 billionin the week ending May 5, 2023, reaching$595.976 billion, which is an 11-month high. This follows a previous rise of $4.532 billion the week before.Foreign currency assets (FCA)saw the most significant Growth, rising by$6.536 billionto$526.021 billionduring the week.
Gold reservesrose by $659 million to $46.315 billion, while the reserve position at the increased by $139 million to $5.192 billion.
However,Special Drawing Rights (SDRs)decreased by $204 million to $18.447 billion. The Reserve Bank Of India has been intervening in the forex market to curb rupee depreciation through spot and forward positions.