RBI's FX reserves at all-time high of $353 bn

The Reserve Bank of India (RBI)’s foreign exchange reserves are at an all-time high of $353.88 billion for the week ended May 15 recording a week-on-week growth of $1.75 billion.

Meanwhile, the rupee on Friday moved up by another 12 paise to close at 63.52 a dollar on sustained selling of the American currency by banks and exporters.

At the interbank foreign exchange market, it commenced strong at 63.58 a dollar from the previous close of 63.64, but later fell back to a low of 63.63 before concluding at 63.52.

Foreign currency assets, a key component, rose by $ 1.71 billion to $ 329.12 billion. During the week gold reserves remained unchanged at $ 19.34 billion.

For the week under review, the Special Drawing Rights (SDRs) rose by $ 27.8 million to $ 4.09 billion, while India's reserve position with the International Monetary Fund (IMF) was up $ 9.1 million to $ 1.33 billion.