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India’s Forex Reserves Shoot High by $563 mn.

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India’s foreign exchange reserves rose by $563 million during the week ended May 14.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $590.028 billion
from $589.465 billion reported for the week ended May 7.

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India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $377 million to $546.870 billion.

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Similarly, the value of the country’s gold reserves gained by $174 million to $36.654 billion.

Besides, the SDR value gained by $2 million at $1.506 billion.

On the same note, the country’s reserve position with the IMF inched higher by $10 million to $4.999 billion.

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