Forex reserves increase $ 3.91 billion to $ 588.02 billion: RBI data

The country’s foreign exchange reserves increased by $ 3.913 billion to reach $ 588.02 billion in the week ended April 30, 2021, according to RBI data on Friday.

During the previous week ended April 23, reserves had increased by $ 1.701 billion to $ 584.107 billion. The forex kitty had reached a lifetime high of $ 590.185 billion in the week ended January 29, 2021.

During the reporting week ended April 30, 2021, the increase in reserves was due to an increase in foreign currency holdings (FCA), a major component of overall reserves.

FCAs rose from $ 4.413 billion to $ 546.059 billion, 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 declined from $ 505 million to $ 35.464 billion in the reference week, according to central bank data.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased from $ 3 million to $ 1.508 billion.

The country’s reserve position with the IMF increased from $ 2 million to $ 4.99 billion in the reference 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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