Forex reserves hit lifetime high, rise $2.8 billion to $592.894 billion

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Mumbai: 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.