Business

Good news for Indian economy, forex reserves cross $ 600 billion

Photo:FILE

Forex reserves

Highlights

  • Forex reserves rose by $3.854 billion to $601.363 billion
  • Last week, increased by $4.230 billion to $597.509 billion
  • The value of gold reserves also increased by $94 million to $40.917 billion.

India’s foreign exchange reserves increased by $ 3.854 billion to $ 601.363 billion in the week ended May 27. According to the Reserve Bank of India (RBI) data, this increase is due to increase in foreign currency assets. Earlier this week, forex reserves had risen by $4.230 billion to $597.509 billion.

According to the Reserve Bank data, the reason for the increase in foreign exchange reserves in the reporting week is due to increase in foreign currency assets, which is a significant component of the total reserves. Foreign currency assets (FCAs) increased by $3.61 billion to $536.988 billion, according to the data.

Foreign currencies held in foreign exchange reserves cover the effects of appreciation or depreciation in non-US currencies such as the euro, pound and yen. According to the data, the value of gold reserves also increased by $ 940 million to $ 40.917 billion in the week under review.

In the past week, special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $132 million to $18438 billion. The country’s currency reserves kept with the IMF increased by $ 18 million to $ 5.019 billion.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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