Forex kitty swells $2.56 bn to $644.15 bn
image for illustrative purpose
Mumbai: India’s forex reserves jumped $2.561 billion to $644.151 billion for the week ended May 10, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, the kitty had increased $3.668 billion to $641.59 billion after three consecutive weeks of decline. For the week ended April 5, the reserves had hit an all-time high of $648.562 billion following multiple weeks of rise. For the week ended May 10, the foreign currency assets, a major component of the reserves, increased by $1.488 billion to $565.648 billion, the data released on Friday showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased $1.072 billion to $55.952 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $5 million to $18.056 billion, the apex bank said. India’s reserve position with the IMF was down $4 million to $4.495 billion in the reporting week, the apex bank data showed.
