India's forex reserves surge by $ 3.913 billion to $ 588.020 billion

India's forex reserves surge by $ 3.913 billion to $ 588.020 billion

Mumbai, May 7, 2021

Continuing an uptrend for the third consecutive week, India's foreign exchange reserves surged by $ 3.913 billion to $ 588.020 billion during the week ended April 30, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone up by $ 1.701 billion to $ 584.107 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 $ 4.413 billion to $ 546.059 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 fell by $ 505 million to $ 35.464 billion, while its special drawing rights went up by $ 3 million to $ 1.508 billion.

The country's reserve position in the International Monetary Fund (IMF) increased by $ 2 million to $ 4.990 billion, the bulletin added.

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