Forex reserves hit new high of $588.78 bn

The local unit had hit a three-month high of 81.61 in intraday trades on April 27.

Published: 06th May 2023 08:06 AM  |   Last Updated: 06th May 2023 08:06 AM   |  A+A A-

Forex reserves

Representative image (File Photo | PTI)

By Express News Service

MUMBAI:  India’s foreign exchange reserves jumped to a 10-month high of $588.78 billion for the week ending April 28, after registering a weekly rise of $4.53 billion, according to the Reserve Bank of India data released on Friday.

The overall reserves fell $2.164 billion to $584.248 billion in the previous reporting week. For the week to which the forex reserves data pertains, the rupee had ended 0.3% higher against the US dollar and traded in a range of 81.61 to 82.10. The local unit had hit a three-month high of 81.61 in intraday trades on April 27. During the week, foreign currency assets, a major component of the reserves, increased nearly $5 billion to $519.485 billion.

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