Forex reserves jump by $7.2 billion to $595.98 billion

India's foreign exchange reserves jumped by $7.2 billion to $595.98 billion in the week ended on May 5, the Reserve Bank of India said on Friday.

The overall reserves had dropped by $4.53 billion to $588.78 billion in the previous reporting week.

In October 2021, the country's forex reserve had reached an all-time high of $645 billion.

The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.

During the week ended on May 5, the foreign currency assets, a major component of the reserves, increased by nearly $6.54 billion to $526.02 billion, according to the latest Weekly Statistical Supplement released by the 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 increased by $659 million to $46.31 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by $19 million to $18.45 billion, the apex bank said.

The country's reserve position with the International Monetary Fund (IMF) was up by $20 million to $5.192 billion in the reporting week, the RBI data showed.