India’s Forex Reserves Rebound to $697.1 Billion on Gold Gains

Overview

• Reserves rose by $9.063 billion to $697.121 billion in the week ended April 3, according to Reserve Bank of India data.
• Gold holdings increased by $7.221 billion to $120.742 billion, supplying most of the weekly rise.
• Foreign currency assets grew by $1.784 billion to $552.856 billion, a tally that also moves with the euro, pound and yen.
• Special Drawing Rights increased by $58 million to $18.707 billion, and the reserve position with the IMF was unchanged at $4.816 billion.
• The rebound followed a $10.288 billion drop the prior week and comes as the rupee remains under pressure linked to the West Asia conflict and RBI interventions to steady the currency.