India's forex reserves rise by $ 3.854 billion to $ 601.363 billion

India's forex reserves rise by $ 3.854 billion to $ 601.363 billion

Mumbai, June 4, 2022

Continuing an uptrend for the second consecutive week, India's foreign exchange reserves rose by $ 3.854 billion to $ 601.363 billion during the week ended May 27, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had gone up by 4.230 billion to $ 597.509 billion during the previous week, reversing a ten-week downtrend.

In its weekly statistical supplement released here on Friday, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 3.610 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 went up by $ 94 million to $ 40.917 billion while its special drawing rights (SDRs) increased by $ 132 million to $ 18.438 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went up by $ 18 million to $ 5.019 billion during the week, the bulletin added.

NNN

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