India's Foreign Exchange Reserves Surge By $5.271 Billion To Reach Record High Of $598.165 Billion

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India's foreign exchange reserves rose by $5.271 billion during the week ended 28 May.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $598.165 billion from $592.894 billion reported for the week ended 21 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 $5.010 billion to $553.529 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 $265 million to $38.106 billion.

Besides, the SDR value gained by $2 million at $1.515 billion.

On the other hand, the country's reserve position with the IMF inched lower by $5 million to $5.016 billion.

(With inputs from IANS)