India's forex reserves jump by USD 7.2 billion to USD 595.98 billion

Mumbai: India's foreign exchange reserves jumped by USD 7.196 billion to USD 595.976 billion in the week ended on May 5, the Reserve Bank of India said on Friday.

The overall reserves had dropped by USD 4.532 billion to USD 588.78 billion in the previous reporting week.

In October 2021, the country's forex reserve had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.

During the week ended on May 5, the foreign currency assets, a major component of the reserves, increased by nearly USD 6.536 billion to USD 526.021 billion, according to the latest Weekly Statistical Supplement released by the RBI.

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.

Gold reserves increased by USD 659 million to USD 46.315 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 19 million to USD 18.447 billion, the apex bank said.

The country's reserve position with the International Monetary Fund (IMF) was up by USD 20 million to USD 5.192 billion in the reporting week, the RBI data showed.