India’s foreign exchange reserves increase by $ 2.865 billion to a record high of $ 592.894 billion

India’s foreign exchange reserves increased by $ 2.865 billion in the week ended May 21.

According to the Reserve Bank of India (RBI) weekly statistical supplement, foreign exchange reserves hit a record high of $ 592.894 billion from $ 590.028 billion for the week ended May 14.

Foreign exchange reserves had already reached a lifetime high of $ 590.185 billion during the week ended January 29 of this year.

India’s foreign exchange reserves include foreign exchange assets (FCA), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, the FCAs, the largest component of foreign exchange reserves, edged up $ 1.649 billion to $ 548.519 billion.

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.

Likewise, the value of the country’s gold reserves increased from $ 1.187 billion to $ 37.841 billion.

In addition, the value of SDR gained $ 7 million to $ 1.513 billion.

Similarly, the country’s reserve position with the IMF edged up $ 22 million to $ 5.021 billion.

(With IANS entries)

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