Forex reserves surges to $588.02 billion

The reserves increased by USD 1.701 billion to USD 584.107 billion in the week ended April 23. In the week ended January 29, 2021, the forex kitty reached a record high of USD 590.185 billion.

The increase in reserves during the reporting week ended April 30, 2021 was due to an increase in foreign currency assets (FCAs), a significant component of total reserves. FCAs increased by USD 4.413 billion to USD 546.059 billion, according to the Reserve Bank of India’s weekly data (RBI). Foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.

According to central bank data, gold reserves decreased by USD 505 million to USD 35.464 billion in the reporting week. The International Monetary Fund’s (IMF) special drawing rights (SDRs) increased by USD 3 million to USD 1.508 billion. According to the data, the country’s reserve position with the IMF increased by USD 2 million to USD 4.99 billion during the reporting week.

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