India's foreign exchange reserves rose by $563 million to $590.028 billion during the week ended May 14, nearing the all-time high mark of $590.185 billion, according to the Reserve Bank of India's data.
Forex reserves had touched the record high mark of $590.185 billion in the week ended January 29, 2021. During the week ended May 7, foreign exchange reserves had increased by $1.444 billion to $589.465 billion.
An increase of $377 million in foreign currency assets (FCAs), a major component of overall reserves, led to the rise in foreign exchange reserves during the week ended May 14. FCAs stood at $546.870 billion during the reporting week.
Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves.
Gold reserves rose by $174 million to $36.654 billion, while special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $2 million to $1.506 billion, as per the data.
The country's reserve position with the IMF increased by USD 10 million to USD 4.999 billion in the reporting week.