Forex Reserves Hit Lifetime High, Rise $2.8 Billion to $592.894 Bn

The country’s foreign exchange reserves rose by $ 2.865 billion to a record high of $ 592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday.

The previous all-time high for the forex kitty was $ 590.185 billion for the week ended January 29, 2021.

For the previous week ended May 14, the reserves had increased by $ 563 million to reach $ 590.028 billion.

Foreign currency assets (FCA), a major component of the overall reserves, swelled by $ 1.649 billion to $ 548.519 billion for the reporting week, the RBI said.

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.

After remaining unchanged in the previous week, gold reserves rose by $ 1.187 billion to $ 36.841 billion, the apex bank said.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $ 7 million to $ 1.513 billion.

The country’s reserve position with the IMF too increased by $ 22 million to $ 5.021 billion in the reporting week, as per the data.