India’s Forex reserves increased by 4.672 billion US Dollars and reached 590.783 billion US Dollars.
India’s forex reserves cover of imports was at 9.6 months at the end of March 2023.
The import cover increased in sync with the increase in forex reserves.
The forex reserves stood at $595.051 billion as of June-end 2023 against $578.449 billion as of March-end 2023.
Import cover is a trade-based indicator of the adequacy of reserves.
According to RBI’s Half Yearly Report on Management of Foreign Exchange Reserves: April – September 2023, RBI’s gold holding increased to 800.79 tonnes of gold as at end-September 2023.
At March-end 2023, RBI’s gold holding stood at 794.64 tonnes as at March-end 2023.
The gold holding includes gold deposits of 39.89 tonnes.
