India’s Forex Reserves Rise by $6.29 Billion
RBI data shows foreign exchange reserves climb to nearly $697 billion
- Forex reserves rise to USD 696.988 billion
- Gold reserves jump by USD 5.637 billion
- Foreign currency assets increase by USD 562 million
- RBI data shows recovery after previous week’s decline
GG News Bureau
Mumbai, 15th May: India’s foreign exchange reserves increased by USD 6.295 billion to USD 696.988 billion during the week ended May 8, according to data released by the Reserve Bank of India on Friday.
The reserves had declined by USD 7.794 billion in the previous reporting week to USD 690.693 billion.
According to RBI data, foreign currency assets, which form the largest component of the forex reserves, rose by USD 562 million to USD 552.387 billion during the reporting week.
Foreign currency assets expressed in dollar terms include the impact of appreciation or depreciation in non-US currencies such as the euro, pound and yen held in the reserves.
The value of India’s gold reserves recorded a sharp increase of USD 5.637 billion, reaching USD 120.853 billion during the week.
The Special Drawing Rights with the International Monetary Fund also rose by USD 84 million to USD 18.873 billion, the RBI said.
India’s reserve position with the IMF increased by USD 12 million to USD 4.875 billion during the reporting period.
India’s forex reserves had touched an all-time high of USD 728.494 billion during the week ended February 27 earlier this year.
However, reserves witnessed multiple weeks of decline following tensions arising from the West Asia crisis, which put pressure on the rupee and prompted the RBI to intervene in the foreign exchange market through dollar sales.
The latest rise in reserves comes amid improving global currency movements and stability in foreign exchange markets.
