India's Foreign Exchange Reserves Rise By $2.865 Billion To Reach Record High Of $592.894 Billion

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India's foreign exchange reserves rose by $2.865 billion during the week ended 21 May.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the forex reserves increased to record high of $592.894 billion from $590.028 billion reported for the week ended 14 May.

The forex reserves had earlier touched a lifetime high of $590.185 billion in the week ended 29 January this year.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.649 billion to $548.519 billion.

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.

Similarly, the value of the country's gold reserves gained by $1.187 billion to $37.841 billion.

Besides, the value of SDR gained by $7 million at $1.513 billion.

On the same note, the country's reserve position with the IMF inched higher by $22 million to $5.021 billion.

(With inputs from IANS)

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