India's forex reserves rise by $ 1.444 billion to $ 589.465 billion

India's forex reserves rise by $ 1.444 billion to $ 589.465 billion

Mumbai, May 14, 2021

Maintaining an uptrend for the fourth consecutive week, India's foreign exchange reserves rose by $ 1.444 billion to $ 589.465 billion during the week ended May 7, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had surged by $ 3.913 billion to $ 588.020 billion during the previous week.

In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 434 million to $ 546.493 billion during the week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

According to the bulletin, the country’s gold reserves increased by $ 1.016 billion to $ 36.480 billion, while its special drawing rights went down by $ 4 million to $ 1.503 billion.

The country's reserve position in the International Monetary Fund (IMF) decreased by $ 1 million to $ 4.989 billion, the bulletin added.

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