India Forex Reserves: Foreign exchange reserves reached close to $ 600 billion
The country's foreign exchange reserves increased by $3.553 billion in the week ended May 12. With this, the total foreign exchange reserves have reached $ 599.529 billion, approaching the level of $ 600 billion.
The country's foreign exchange reserves increased by $3.553 billion in the week ended May 12. With this, the total foreign exchange reserves have reached $ 599.529 billion, approaching the level of $ 600 billion. This is the second week in a row that forex reserves have increased.
It may be noted that earlier in the week ending May 5, there was an increase of USD 7.196 billion in foreign exchange reserves. In October 2021, the country's total foreign exchange reserves had reached an all-time high of $ 645 billion. After this, RBI had to sell dollars to stop the fall of the rupee. Due to this, there was a decrease in foreign exchange reserves.
Foreign currency assets (FCAs) increased by $3.577 billion to $529.598 billion in the week ended May 12, according to RBI data released on Friday. FCA has the largest share in the total foreign exchange reserves of the country. Similarly, there has been an increase of $ 38 million in gold reserves in the last week and now it has become $ 46.353 billion.
According to the data, the reserves kept with the International Monetary Fund (IMF) decreased by $ 28 million and came down to $ 5.164 billion.