India's Foreign Exchange Reserves Rise By $1.44 Billion To $589.46 Billion

India's foreign exchange reserves rose by $1.444 billion during the week ended 7 May.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $589.465 billion from $588.020 billion reported for the week ended 30 April.

India's forex reserves comprise 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 $434 million to $546.493 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.

Similarly, the value of the country's gold reserves gained by $1.016 billion to $36.480 billion.

However, the SDR value slipped by $4 million at $1.503 billion.

On the same note, the country's reserve position with the IMF inched lower by $1 million to $4.989 billion.

(With inputs from IANS)