Mumbai: The foreign exchange reserves of the country surged by $3.854 billion to $601.363 billion in the week ended May 27. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. In the previous week, the forex reserves gain by $4.230 billion to $597.509 billion. As per RBI, the gain in the Foreign Currency Assets (FCA) and the gold reserves is the reason for the gain in forex reserves.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF).
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FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves. FCAs surged by $3.61 billion to $536.988 billion.
Gold reserves increased by $94 million to $40.917 billion. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $132 million to $18.438 billion. The country’s reserve position with the IMF also increased by $18 million to $5.019 billion.
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