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.

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.

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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