India's Foreign Exchange Reserves Rise By $563 Million To $590.028 Billion

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India's foreign exchange reserves rose by $563 million during the week ended 14 May.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $590.028 billion from $589.465 billion reported for the week ended 7 May.

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 $377 million to $546.870 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 $174 million to $36.654 billion.

Besides, the SDR value gained by $2 million at $1.506 billion.

On the same note, the country's reserve position with the IMF inched higher by $10 million to $4.999 billion.

(With inputs from IANS)

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