Mumbai: Foreign exchange reserves of India surged by $7.196 billion to $595.976 billion in the week ended on May 5. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves surged by $4.532 billion to $588.78 billion for the week ended April 28.
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). 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.
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The foreign currency assets increased by $6.536 billion to $526.021 billion. Gold reserves increased by $659 million to $46.315 billion. The Special Drawing Rights (SDRs) were down by $19 million to $18.447 billion. The country’s reserve position with the International Monetary Fund (IMF) was up by $20 million to $5.192 billion.
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