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Forex kitty reaches new high of $648.7 bn

May 24, 2024 21:42 IST

India's forex reserves jumped $4.54 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.


Photograph: Kham/Reuters

This is the third consecutive week of increase in the overall kitty, which had increased by $2.56 billion to $644.15 billion in the previous reporting week ended May 17.


For the week ended April 5, the reserves had hit an all time high of $648.56 billion following multiple weeks of increases.

In the week ended May 10, foreign currency assets -- a major component of the reserves -- increased $3.36 billion to $569.01 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 $57.2 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up $113 million to $18.17 billion, the apex bank said.

India's reserve position with the IMF was down $168 million to $4.33 billion in the reporting week, the apex bank data showed.

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