India’s forex reserves rise above USD 600 billion mark again

Mumbai, June 4: India’s foreign exchange (forex) reserves for the week ended May 27 rose by USD 3.854 billion to USD 601.363 billion led by a sharp increase in the country’s foreign currency assets, the Reserve Bank of India (RBI) data showed.

The country’s forex reserves have risen sharply for the second consecutive week after falling for 10 straight weeks. The forex reserves had jumped by USD 4.23 billion during the week ended May 20.
According to the Reserve Bank of India’s weekly statistical supplement, all the components of the forex reserves rose during the week ended May 27 led by a sharp jump in the foreign currency assets.

India’s foreign currency assets, which are the biggest component of the forex reserves, rose by USD 3.610 billion to USD 536.988 billion during the week under review, the RBI data showed.

The foreign currency assets had increased by USD 3.825 billion in the previous week.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held in the foreign exchange reserves.

The value of gold reserves rose by USD 94 million to USD 40.917 billion during the week under review.
The value of gold reserves had increased by USD 253 million during the week ended May 20.
India’s reserve position in the International Monetary Fund (IMF) increased by USD 18 million to USD 5.019 billion, and the value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund rose by USD 132 million to USD 18.438 billion during the week ended May 27, the RBI data showed.