Forex reserves rise by $1.444 billion to $589.465 billion: RBI data

The country's foreign exchange reserves increased by $1.444 billion to $589.465 billion in the week ended May 7, 2021, shows RBI data

The country's foreign exchange reserves increased by USD 1.444 billion to USD 589.465 billion in the week ended May 7, 2021, RBI data showed.

In the previous week ended April 30, 2021, the reserves had risen by USD 3.913 billion to USD 588.02 billion. The reserves had touched a lifetime high of USD 590.185 billion in the week ended January 29, 2021.

During the reporting week ended May 7, 2021, the increase in reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves.

FCA rose by USD 434 million to USD 546.493 billion in the reporting week, the Reserve Bank of India's (RBI) weekly 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 surged by USD 1.016 billion to USD 36.48 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) were down by USD 4 million to USD 1.503 billion.

The country's reserve position with the IMF declined by USD 1 million to USD 4.989 billion in the reporting week, the data showed.