Indian forex reserves up $3.553 bn to $599.529 bn

22 May '23

1 min read

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RBI has said that India's foreign exchange (forex) reserves rose by $3.553 billion to $599.529 billion for the week ending May 12.
A major component of the reserves, the foreign currency assets, increased by about $3.577 billion to $529.598 billion.
Gold reserves also rose, while special drawing rights (SDRs) and the reserve position with IMF decreased.

India's forex kitty rose by $3.553 billion to $599.529 billion for the week ended May 12, the Reserve Bank of India (RBI) said. The rise is for a second consecutive week. The overall reserves had jumped by $7.196 billion to $595.976 billion for the previous reporting week.

The foreign currency assets, a major component of the reserves, increased by nearly $3.577 billion to $529.598 billion, according to the Weekly Statistical Supplement released by RBI last week.

Gold reserves rose by $38 million to $46.353 billion and the special drawing rights (SDRs) were down by $35 million to $18.413 billion, the central bank was quoted as saying by Indian media reports.

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 forex kitty had reached an all-time high of $645 billion in October 2021. The reserves have been declining since then.

The country's reserve position with the International Monetary Fund was down by $28 million to $5.164 billion in the reporting week.

ALCHEMPro News Desk (DS)

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