India’s forex reserves rise $1.73 billion to $487.04 billion

Mumbai, May 22

The country’s foreign exchange reserves increased by $1.73 billion to $487.04 billion in the week to May 15, which is equivalent to 12 months of imports, according to the Reserve Bank of India.

Between April 1 and May 15, the foreign exchange reserves have increased by $9.2 billion.

In the week ended May 8, the reserves had surged by $4.23 billion to $485.31 billion.

It had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion.

The increase in reserves in the week ended May 15 was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves.

The FCA rose by USD 1.12 billion to USD 448.67 billion in the reporting week, RBI 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.

The gold reserves rose $616 million to $32.91 billion in the reporting week, the RBI data showed.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) was up by $2 million to $1.42 billion.

The country’s reserve position with the IMF dipped by $13 million to $4.04 billion during the reporting week, the data showed. PTI