India’s foreign exchange reserves soared by USD 4.837 billion, reaching a new all-time high of USD 651.51 billion for the week ending May 31, as per the Reserve Bank of India (RBI) report on Friday. This significant rise follows a dip of USD 2.027 billion from the previous week, bringing the total reserves down to USD 646.673 billion.
“Touching a new milestone, India’s foreign exchange reserves reached a historical high of USD 651.5 billion as of May 31,” stated RBI Governor Shaktikanta Das during the bimonthly policy review announcement.
The previous peak of the forex reserves was USD 648.87 billion on May 10. For the week ending May 31, foreign currency assets, a major portion of the reserves, increased by USD 5.065 billion to USD 572.564 billion, according to the data released on Friday. This boost in forex reserves serves as a crucial buffer against potential external sector disturbances.
India’s Forex Reserves Hit USD 651.51 Billion as of May 31: RBI Reports Increase in Foreign Currency Assets
India’s foreign exchange reserves reached a record high of USD 651.51 billion for the week ending May 31, according to the Reserve Bank of India (RBI). This increase of USD 4.837 billion follows a previous decline of USD 2.027 billion, with total reserves at USD 646.673 billion.
Foreign currency assets, a significant component of the reserves, rose by USD 5.065 billion to USD 572.564 billion. These assets, expressed in dollar terms, reflect the appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the reserves. However, gold reserves decreased by USD 212 million to USD 56.501 billion during the week, as per the RBI.
Special Drawing Rights (SDRs) fell by USD 17 million to USD 18.118 billion. Meanwhile, India’s reserve position with the International Monetary Fund (IMF) saw a slight increase of USD 1 million, reaching USD 4.326 billion, the RBI data revealed.
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