Forex reserves up by USD 1.444 billion to USD 589.465 billion

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During the reporting week ended May 7, 2021, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves

The country’s foreign exchange reserves increased by $1.444 billion to $589.465 billion in the week ended May 7, 2021, RBI data showed.

The previous week, ended April 30, 2021, the reserves had risen by $3.913 billion to $588.02 billion. In addition, the funds had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.

During the reporting week ended May 7, 2021, the increase in reserves was due to a rise in foreign currency assets (FCA), a significant component of the overall resources.

FCA rose by $434 million to $546.493 billion in the reporting week, the Reserve Bank of India’s (RBI) weekly data showed.

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 data showed that gold reserves surged by $1.016 billion to $36.48 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) were down by $4 million to $1.503 billion.

The country’s reserve position with the IMF declined by $1 million to $4.989 billion in the reporting week, the data showed.

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