Foreign exchange reserves increase from $ 1.444 billion to $ 589.465 billion: RBI data

The country’s foreign exchange reserves increased by $ 1.444 billion to reach $ 589.465 billion in the week ended May 7, 2021, according to RBI data.

During the previous week ended April 30, 2021, reserves had increased by $ 3.913 billion to reach $ 588.02 billion. Reserves had reached a lifetime high of $ 590.185 billion in the week ended January 29, 2021.

During the reporting week ended May 7, 2021, the increase in reserves was due to an increase in foreign currency holdings (FCA), a major component of overall reserves.

The FCA rose $ 434 million to $ 546.493 billion in the week under review, according to weekly data from the Reserve Bank of India (RBI).

Expressed in dollars, foreign currency assets include the effect of the appreciation or depreciation of non-US units such as the euro, the pound and the yen held in foreign exchange reserves.

Gold reserves jumped $ 1.016 billion to reach $ 36.48 billion in the base week, the data showed.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) decreased from $ 4 million to $ 1.503 billion.

The country’s reserve position with the IMF declined by $ 1 million to $ 4.989 billion in the base week, the data showed.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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