Forex Reserves Cross $ 600 Billion Mark for First Time

Forex Reserves Cross $ 600 Billion Mark for First Time

The country’s foreign exchange reserves crossed the $ 600 billion mark for the first time after increasing by $ 6.842 billion in the week ended June 4, RBI data showed on Friday. The reserves surged to a record $ 605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).

In the previous week ended May 28, 2021, the reserves had swelled by $ 5.271 billion to $ 598.165 billion. In the reporting week, FCA jumped by $ 7.362 billion to $ 560.890 billion, the data 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 declined by $ 502 million to $ 37.604 billion.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped $ 1 million to $ 1.513 billion. The country’s reserve position with the IMF also dropped by $ 16 million to $ 5 billion in the reporting week, the data showed.

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