India's Forex Reserves Rise by Over $5 Billion

While the whole world is in the recovery phase from COVID. Businesses have started showing a little bit of positive action in terms of forgien investments. On such sidelines, India's foreign exchange reserves rose by $5.271 billion during the week ended May 28.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $598.165 billion from $592.894 billion reported for the week ended May 21.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $5.010 billion to $553.529 billion.

Similarly, the value of the country's gold reserves gained by $265 million to $38.106 billion.

Besides, the SDR value gained by $2 million at $1.515 billion.

On the other hand, the country's reserve position with the IMF inched lower by $5 million to $5.016 billion.