Forex Reserves Jump By $7.2 Billion To $595.98 Billion

The Reserve Bank of India reported on Friday that India’s foreign exchange reserves increased by $7.2 billion to $595.98 billion during the week that ended on May 5.

In the previous reporting week, the total reserves had decreased by $4.53 billion to $588.78 billion.

The country’s forex reserve had reached an all-time high of $645 billion in October 2021.

According to the most recent Weekly Statistical Supplement released by the RBI, the foreign currency assets, a major component of the reserves, increased by nearly $6.54 billion to $526.02 billion during the week that ended on May 5.

The effect of the appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves is included in the foreign currency assets, which are expressed in terms of dollars.

Gold stores expanded by $659 million to $46.31 billion, the RBI said.

Also read: Optimistic That Growth Will Be Close To Our Projection Of 6.5%: RBI Governor Shaktikanta Das

The apex bank reported that the Special Drawing Rights (SDRs) decreased by $19 million to $18.45 billion.

According to RBI data, the nation’s reserve position with the International Monetary Fund (IMF) increased by $20 million to $5.192 billion during the reporting week.