India’s foreign exchange reserves have surpassed USD 600 billion.

• According to Reserve Bank of India (RBI) data, India’s foreign exchange (forex) reserves increased by USD 3.854 billion to USD 601.363 billion, owing to a substantial growth in the country’s foreign currency assets.
• After decreasing for ten weeks in a row, the country’s currency reserves have climbed for the second week in a row.
• During the week, foreign exchange reserves increased by USD 4.23 billion.

KEY POINTS:

• According to the Reserve Bank of India’s weekly statistical supplement, all components of the forex reserves climbed for the week ending May 27, led by a strong increase in foreign currency assets.
• The effect of appreciation or depreciation of non-dollar currencies held in foreign exchange reserves, such as the Euro, the British Pound Sterling, and the Japanese Yen, is included in the foreign currency assets when expressed in US dollar terms.
• During the week concluded, the value of gold reserves grew by USD 253 million.
• The value of India’s Special Drawing Rights (SDRs)with the International Monetary Fund (IMF) increased by USD 132 million to USD 18.438 billion, and India’s reserve position in the IMF climbed by USD 18 million to USD 5.019 billion.