India’s foreign exchange reserves rose $4.5 billion to $690.62 billion for the week ended May 9, on sharp rise in gold reserves, latest data
released by the Reserve Bank of India (RBI) showed.
Foreign currency assets, a major component of the reserves, increased by $196 million to $581.37 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. Gold reserves, which also constitute part of the forex reserves, increased by $4.5 billion to $86.33 billion
during the week, the RBI statement said. The total reserves are now at their highest level since October 4, 2024, when they stood at $701
billion.
Previously, India’s forex reserves had dropped $2.06 billion to $686.06 billion for the week ending May 2, snapping an eight-week
gaining streak that had lifted reserves to a near six-month high.
The special drawing rights were, however, down $26 million to $18.53 billion. India’s reserve position with the IMF was also down $134
million at $4.37 billion in the reporting week.
