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Indian forex reserve reaches all-time high with $648.7 billion for the week ending May 17: RBI

Following three weeks of successive increase, the Indian foreign exchange reserve registers all time high growth. Earlier in the week ending on April 5, the highest ever forex reserve was achieved with USD 648.562.

Edited By: Shubham Bajpai New Delhi Published on: May 24, 2024 18:13 IST
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The Reserve Bank of India in its latest release on Friday stated that the Indian foreign exchange reserve has risen to an all-time high $648.7 billion for the week ending May 17.

The latest surge is the third consecutive weekly rise after three consecutive weeks of decline. The latest increase in the forex was marked by an increase of $4.543 billion.

In the earlier week that ended on May 10, the foreign exchange rose by $ 2.561 billion to reach $ 644.151 billion. 

Latest data breaches the highest ever record of April 5

Before three weeks of decline, the reserves had hit an all time high of USD 648.562 billion following multiple weeks of increases till April 5. The latest amount bypasses the past record of forex reserves.

As per RBI, in the week that ended on May 10, Foreign Currency Assets (FCA) — a major component of the reserves — increased by $ 3.361 billion to $ 569.009 billion, the data released on Friday showed.

The FCA, which is expressed in dollar terms, includes the effect of appreciation or depreciation of non-US units like the Euro, Pound, and Yen held in the foreign exchange reserves.

Increase in Gold reserves

Also, the Gold reserves increased by $ 1.244 billion to $ 57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) went up by $ 113 million to $ 18.168 billion, the Reserve Bank said.

Moreover, the RBI also stated that India's reserve position with the IMF was down by $ 168 million to $ 4.327 billion in the reporting week.

(With PTI Inputs)

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