India’s forex reserves surge by $3.553 bn, touching $599.529 bn

Rising for the second consecutive week, the Reserve Bank of India said on Friday India’s foreign exchange jumped $3.553 billion to $599.529 billion for the week ending May 12.

Total reserves jumped by $7.196 billion to $595.976 billion in the previous reporting week.

It should be noted that in October 2021, the country’s foreign exchange volume reached an all-time high of 645 billion US dollars. Reserves were running low as the central bank deployed the fund to defend the rupee Amid pressures caused mainly by global developments.

In the week ending May 12, foreign exchange assets, a major component of reserves, rose by about $3.577 billion to $529.598 billion, according to the weekly statistical supplement released by the Reserve Bank of India on Friday.

Expressed in dollars, foreign currency assets include the effect of the appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.

The Reserve Bank of India said gold reserves increased by $38 million to $46.353 billion.

The central bank added that special drawing rights decreased by $35 million to $18.413 billion.

Data from major banks showed that the country’s reserve position with the International Monetary Fund fell by $28 million to $5.164 billion in the reporting week.