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Forex reserves near all-time high, rise $563 mn to over $590 bn

An increase of $377 million in foreign currency assets, a major component of overall reserves, led to the rise in foreign exchange reserves during the week ended May 14.

twitter-logoBusinessToday.In | May 22, 2021 | Updated 17:42 IST
Forex reserves near all-time high, rise $563 mn to over $590 bn
Forex reserves had touched the record high mark of $590.185 billion in the week ended January 29, 2021.

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.

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