India's forex reserves rise by $ 563 million to $ 590.028 billion

India's forex reserves rise by $ 563 million to $ 590.028 billion

Mumbai, May 21, 2021

Continuing an uptrend for the fifth consecutive week, India's foreign exchange reserves rose by $ 563 million to $ 590.028 billion during the week ended May 14, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone up by $ 1.444 billion to $ 589.465 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 $ 377 million to $ 546.870 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 $ 174 million to $ 36.654 billion, while its special drawing rights went up by $ 2 million to $ 1.506 billion.

The country's reserve position in the International Monetary Fund (IMF) increased by $ 10 million to $ 4.999 billion, the bulletin added.

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