India's Forex reserves cross $500bn for first time

New Delhi: India's foreign exchange (Forex) reserves have crossed the $500 billion mark for the first time, said the central bank - the Reserve Bank of India's (RBI) latest weekly statistical data.
The Forex reserves registered a massive surge of $8.22 billion during the week ended June 5, which was mainly attributed to higher foreign inflows.
According to the RBI's weekly statistical data, the overall Forex reserves increased to $501.70 billion on June 5, from $493.480 billion as reported for the week ended May 29.
India's Forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).
The FCAs, said to be the largest component of the Forex reserves, climbed by $8.42 billion to $463.63 billion, as compared to the previous week. Value of the country's gold reserves decreased by $329 million to $32.35 billion, as compared to the previous week.
The SDR value rose by $10 million to $1.44 billion, as compared to the previous week. The country's reserve position with the IMF increased by $120 million to $4.28 billion, as compared to the previous week.