After 10 straight weekly fall, India's forex reserves rise by $4.23 billion

Mumbai: Snapping 10 consecutive weeks of decline, India's foreign exchange (forex) reserves rose by $4.23 billion to $597.509 billion for the week ended May 20, the Reserve Bank of India (RBI) data showed.

This is the first increase in India's forex reserves in the past 11 weeks. The forex reserves had declined by $2.676 billion in the week ended May 13. India's forex reserves have fallen sharply after touching an all-time high of $642.453 billion on September 3, 2021. According to the Reserve Bank of India's weekly statistical supplement, all the components of the forex reserves rose during the week ended May 20 led by a sharp jump in the foreign currency assets.

India's foreign currency assets, which are the biggest component of the forex reserves, rose by $3.825 billion to $533.378 billion during the week under review, the RBI data showed.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves.

The value of gold reserves rose by $253 million to $40.823 billion during the week under review.

India's reserve position in the International Monetary Fund (IMF) increased by $51 million to $5.002 billion, and the value of India's Special Drawing Rights (SDRs) with the International Monetary Fund rose by $102 million to $18.306 billion during the week ended May 20, the RBI data showed.