Forex reserves near record high, jump to $590 bn

The country's foreign exchange reserves rose by $563 million to reach $590.028 billion in the week ended May 14, RBI data showed on Friday.

The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.

In the previous week ended May 7, 2021, the reserves had increased by $1.444 billion to $589.465 billion.

During the reporting week ended May 14, 2021, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves.

FCAs jumped by $377 billion to $546.87 billion in the reporting week, as per weekly data by the Reserve Bank of India (RBI).

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 rose by $174 million to $36.654 billion.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $2 million to $1.506 billion.

The country's reserve position with the IMF increased by $10 million to $4.999 billion in the reporting week, the data showed.

Photograph: Dado Ruvic/Reuters