India’s forex reserves jump by USD 3.66 bn to USD 641.59 bn: RBI

Mumbai, May 10 (PTI) After three consecutive weeks of drop, India’s forex reserves increased by USD 3.668 billion to USD 641.59 billion for the week ended May 3, the RBI said on Friday.

The overall kitty dropped USD 2.412 billion to USD 637.922 billion for the previous week ended April 26.

For the week ended April 5, the reserves had hit an all-time high of USD 648.562 billion, following multiple weeks of increases after breaching the previous high of September 2021 in March this year.

For the week ended May 3, the foreign currency assets, a major component of the reserves, increased by USD 4.459 billion to USD 564.161 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 decreased by USD 653 million to USD 54.88 billion during the week, the Reserve Bank of India said.

The Special Drawing Rights (SDRs) were up USD 2 million to USD 18.051 billion, the apex bank said.

India’s reserve position with the IMF was down by USD 140 million to USD 4.499 billion in the reporting week, the data showed.