Forex reserves cross $600 billion mark for first time
The reserves surged to a record $605.008 billion in the reporting week, helped by a rise in foreign currency assets
Mumbai: The country’s foreign exchange reserves crossed the $600 billion mark for the first time after increasing by $6.842 billion in the week ended June 4, RBI data showed on Friday.
The reserves surged to a record $605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).
In the previous week ended May 28, 2021, the reserves had swelled by $5.271 billion to $598.165 billion. In the reporting week, FCA jumped by $7.362 billion to $560.890 billion, the data showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves declined by $502 million to $37.604 billion. The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped $1 million to $1.513 billion.
The country’s reserve position with the IMF also dropped by $16 million to $5 billion in the reporting week, the data showed.
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