While announcing the second bi-monthly monetary policy review earlier on Friday, RBI Governor Shaktikanta Das said the country's forex reserves may have crossed $600 billion currently.
"Based on our current expectations, we believe that our (forex) reserves have already exceeded USD 600 billion. That is something which gives us a great amount of confidence to deal with the challenges arising out of global spillovers, should they happen at a future date," Das said.
The rise in the reserves, for the week ended May 28, was mainly on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves.
FCAs swelled by USD 5.01 billion to USD 553.529 billion in the reporting week, weekly data by the Reserve Bank of India (RBI) 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 rose by USD 265 million to USD 38.106 billion.