Foreign exchange reserves near record high, jump $ 563 million to $ 590.028 billion

The country’s foreign exchange reserves rose $ 563 million to $ 590.028 billion in the week ended May 14, according to RBI data on Friday.

Reserves had reached a lifetime high of $ 590.185 billion in the week ended Jan. 29, 2021.

During the previous week ended May 7, 2021, reserves had increased by $ 1.444 billion to reach $ 589.465 billion.

During the reporting week ended May 14, 2021, the increase in the foreign exchange kitty was mainly due to an increase in foreign currency assets (FCA), a major component of global reserves.

The FCAs jumped $ 377 billion to $ 546.87 billion in the base week, 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, pound and yen held in foreign exchange reserves.

Gold reserves increased $ 174 million to $ 36.654 billion.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $ 2 million to $ 1.506 billion.

The country’s reserve position with the IMF increased by $ 10 million to $ 4.999 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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