Forex reserves rise by $1.701 bn to $584.107 bn

The country's foreign exchange reserves increased by $1.701 billion to $584.107 billion in the week ended April 23, 2021, RBI data showed.

In the previous week ended April 16, 2021, the reserves had risen by $1.193 billion to $582.406 billion.

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

In the reporting week ended April 23, 2021, the rise in reserves was on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves.

FCA rose by $1.062 billion to $541.647 billion, the Reserve Bank of India's (RBI) weekly 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 increased by $615 million to $35.969 billion in the reporting week, according to the RBI data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) was up by $7 million to $1.505 billion in the reporting week.

The country's reserve position with the IMF rose by $18 million to $4.987 billion in the reporting week, the data showed.

Photograph: Lee Jae-Won/Reuters