India's forex reserves soar by $ 5.271 billion to new high of $ 598.165 billion

India's forex reserves soar by $ 5.271 billion to new high of $ 598.165 billion

Mumbai, June 4, 2021

Continuing an uptrend for the seventh consecutive week, India's foreign exchange reserves soared by $ 5.271 billion to a new high of $ 598.165 billion during the week ended May 28, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had risen by $ 2.865 billion to $ 592.894 billion in 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 $ 5.010 billion to $ 553.529 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 $ 265 million to $ 38.106 billion, while its special drawing rights went up by $ 2 million to $ 1.515 billion.

The country's reserve position in the International Monetary Fund (IMF) decreased by $ 5 million to $ 5.016 billion, the bulletin added.

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