India's Forex Reserves Touch New All-Time High

For the week ended 29 May, India's foreign exchange reserves surged $3.43 billion to a fresh all-time high of $493.48 billion on a handsome accretion of the core currency assets, the Reserve Bank of India (RBI) said on Friday.

As the country fights the economic impact of COVID-19, the central bank continues to raise the reserves, counted as a key strength. In the previous week, reserves increased by $3 billion to the previous all-time high of $490.044 billion.

During the week ended 29 May, foreign currency assets, a major component of the overall reserves, increased by $3.50 billion to $455.21 billion, 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.

Total value of the gold reserves continued to decline and were at $32.682 billion, lower by $97 million as compared with the previous week, the central bank said.

In the reporting week, as per RBI data, the special drawing rights with the International Monetary Fund (IMF) were unchanged at $1.43 billion, while India's reserve position with the IMF also rose by $31 million to $4.16 billion.