India’s foreign exchange reserves rose by USD 4.553 billion to USD 690.617 billion in the week ended May 9, driven by a significant increase in gold assets, according to the Reserve Bank of India (RBI).
In the previous reporting week, the overall reserves had dropped by USD 2.065 billion to USD 686.064 billion. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.
For the week ended May 9, foreign currency assets, a major component of the reserves, increased by USD 196 million to USD 581.373 billion, the data released on Friday showed.
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.
Gold reserves jumped by USD 4.518 billion to USD 86.337 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by USD 26 million to USD 18.532 billion, the apex bank said.
India’s reserve position with the IMF was also down by USD 134 million at USD 4.374 billion in the reporting week, the apex bank data showed.
