India's Foreign Exchange Reserves Rise By $4.23 Billion To $597.509 Billion

by Swarajya Staff - May 28, 2022 10:52 AM +05:30 IST
India's Foreign Exchange Reserves Rise By $4.23 Billion To $597.509 BillionRBI headquarters in Mumbai. (INDRANIL MUKHERJEE/AFP/Getty Images)

India's foreign exchange reserves rose by $4.23 billion during the week ending on 20 May.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the forex reserves increased to $597.509 billion from $593.289 billion reported for the week ending on 13 May.

India's foreign exchange reserves comprise of 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 $3.825 billion to $533.378 billion.

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.

Meanwhile, the value of the country's gold reserves decreased by $253 million to $40.823 billion.

The SDR value increased by $102 million to $18.306 billion.

Similarly, the country's reserve position with the IMF decreased by $51 million to $5.002 billion.

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