India’s Forex reserves near record high, jump $563 million to $590.028 billion, says RBI data

By: |
May 21, 2021 7:46 PM

During the reporting week ended May 14, 2021, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves.

dollar, fundingThe company has a presence in 50 cities, including metros and cities like Jaipur, Hyderabad, Lucknow, Pune, and Chandigarh. (Representative image:)

The country’s foreign exchange reserves rose by USD 563 million to reach USD 590.028 billion in the week ended May 14, RBI data showed on Friday. The reserves had touched a lifetime high of USD 590.185 billion in the week ended January 29, 2021. In the previous week ended May 7, 2021, the reserves had increased by USD 1.444 billion to USD 589.465 billion.

During the reporting week ended May 14, 2021, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCAs jumped by USD 377 billion to USD 546.87 billion in the reporting week, as per weekly data by the Reserve Bank of India (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 rose by USD 174 million to USD 36.654 billion.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 2 million to USD 1.506 billion. The country’s reserve position with the IMF increased by USD 10 million to USD 4.999 billion in the reporting week, the data showed.

 

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