India's forex reserves surge by $ 6.842 billion to a record high of $ 605.008 billion

India's forex reserves surge by $ 6.842 billion to a record high of $ 605.008 billion

Mumbai, June 11, 2021

Staying on an upward trajectory for the eighth consecutive week, India's foreign exchange reserves surged by $ 6.842 billion to a new all-time high of $ 605.008 billion during the week ended June 4, the Reserve Bank of India (RBI) said here today.

This is the first time that the reserves have crossed the $ 600-billion mark.

The country's forex reserves had soared by $ 5.271 billion to $ 598.165 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 climbed by $ 7.362 billion to $ 560.890 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 decreased by $ 502 million to $ 37.604 billion, while its special drawing rights (SDRs) were lower by $ 1 million at $ 1.513 billion.

The country's reserve position in the International Monetary Fund (IMF) fell by $ 16 million to $ 5.000 billion, the bulletin added.

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