India's forex reserves rise by $ 4.230 billion to $ 597.509 billion

India's forex reserves rise by $ 4.230 billion to $ 597.509 billion

Mumbai, May 28, 2022

Reversing a ten-week downtrend, India's foreign exchange reserves rose by $ 4.230 billion to $ 597.509 billion during the week ended May 20, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had dipped by $ 2.676 billion to $ 593.279 billion during the previous week.

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 $ 3.825 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 $ 253 million to1.169 billion to $ 40.823 billion while its special drawing rights (SDRs) increased by $ 102 million to $ 18.306 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went up by $ 51 million to $ 5.002 billion during the week, the bulletin added.

NNN

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