India’s foreign exchange reserves swelled by $3.005 billion to a lifetime high of $490.044 billion during the week ended May 22, according to the RBI’s weekly statistical supplement.
The foreign exchange reserves had stood at $487.039 billion, increased reported for the week ended May 15.
The forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).
Foreign currency assets (FCA), a major component of the overall reserves, increased.
On a weekly basis, FCAs—the largest component of the forex reserves, edged higher by $3.035 billion to $451.706 billion, RBI data showed.
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.
The value of the country’s gold reserves decreased by $127 million to $32.779 billion.
Besides, the SDR value inched up by $8 million to $1.432 billion.
The country’s reserve position with the IMF increased by $89 million to $4.12 billion.