India’s forex reserves jump for third straight week to hit fresh record high of $648.7 billion: RBI

This is the third consecutive week of increase in the overall kitty, which had increased by USD 2.561 billion to USD 644.151 billion in the previous reporting week ended May 17.

PTI
First Published24 May 2024
A customer counts Indian 100 rupee currency notes after withdrawing money at a bank. AFP PHOTO / INDRANIL MUKHERJEE
A customer counts Indian 100 rupee currency notes after withdrawing money at a bank. AFP PHOTO / INDRANIL MUKHERJEE

India's forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday. This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.

This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17. For the week ended April 5, the reserves had hit an all time high of $648.562 billion following multiple weeks of increases.

In the week ended May 10, foreign currency assets -- a major component of the reserves -- increased $3.361 billion to $569.009 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 increased $1.244 billion to $57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said. India's reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.

 

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HomeEconomyIndia’s forex reserves jump for third straight week to hit fresh record high of $648.7 billion: RBI

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