HomeIndian EconomyIndian Forex Reserves Jump By $7.2 Billion To 11-month high of $595.98...

Indian Forex Reserves Jump By $7.2 Billion To 11-month high of $595.98 Billion

Source : Press Trust of India (PTI)

Indian Forex Reserves Jump By $7.2 Billion To 11-month high of $595.98 Billion
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Indian Forex Reserves Jump By $7.2 Billion To 11-month high of $595.98 Billion

Mumbai:Β India’s foreign exchange reserves jumped by $7.196 billion to $595.976 billion in the week ended on May 5, the Reserve Bank of India said on Friday.

The overall reserves had dropped by $4.532 billion to $588.78 billion in the previous reporting week.

In October 2021, the country’s forex reserve had reached an all-time high of $645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.

During the week ended on May 5, the foreign currency assets, a major component of the reserves, increased by nearly $6.536 billion to $526.021 billion, according to the latest Weekly Statistical Supplement released by the RBI.

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 by $659 million to $46.315 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by $19 million to $18.447 billion, the apex bank said.

The country’s reserve position with the International Monetary Fund (IMF) was up by $20 million to $5.192 billion in the reporting week, the RBI data showed. Indian Forex Reserves Jump By $7.2 Billion To 11-month high of $595.98 Billion Indian Forex Reserves Jump By $7.2 Billion To 11-month high of $595.98 Billion Indian Forex Reserves Jump By $7.2 Billion To 11-month high of $595.98 Billion IgMp

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