Mumbai: The foreign exchange reserves of India has reached near record high. The data released by the Reserve bank of India has revealed this. As per the weekly statistical supplement of RBI, the foreign exchange reserves of the country surged by US dollar 563 million during the week ended 14 May. The forex reserves had reached at US dollar 590.028 billion from US dollar 589.465 billion for the week ended 7 May.
The forex reserve of the country include foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). Foreign currency assets is the largest component of the forex reserves. 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. It is expressed in US dollar.
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The foreign currency assets surged US dollar 377 million to US dollar 546.870 billion. The value of the country’s gold reserves gained by US dollar 174 million to US dollar 36.654 billion. The SDR value gained by US dollar 2 million at US dollar 1.506 billion. India’s reserve position with the IMF edged higher by US dollar 10 million to US dollar 4.999 billion.
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