Forex reserves hit lifetime high, rise USD 2.8 bn to USD 592.894 bn

By: |
May 28, 2021 6:34 PM

The previous all-time high for the forex kitty was USD 590.185 billion for the week ended January 29, 2021.

Forex reservesExpressed 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.

The country’s foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday.

The previous all-time high for the forex kitty was USD 590.185 billion for the week ended January 29, 2021.

For the previous week ended May 14, the reserves had increased by USD 563 million to reach USD 590.028 billion.

Foreign currency assets (FCA), a major component of the overall reserves, swelled by USD 1.649 billion to USD 548.519 billion for the reporting week, the RBI said.

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.

After remaining unchanged in the previous week, gold reserves rose by USD 1.187 billion to USD 36.841 billion, the apex bank said.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 7 million to USD 1.513 billion.

The country’s reserve position with the IMF too increased by USD 22 million to USD 5.021 billion in the reporting week, as per the data.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Top oil exporter Saudi Arabia targets net zero emissions by 2060
2India’s road network can pave the path to rapid economic recovery in coming years
3GST law should not treat defaulting suppliers and innocent purchasers at par