For the week ending May 31, India's foreign exchange reserves increased by USD 4.837 billion to reach a new record high of USD 651.51 billion, the Reserve Bank of India (RBI) reported on Friday. The total reserves decreased by USD 2.027 billion to USD 646.673 billion over the previous reporting week.
"Announcing the bimonthly policy review, RBI Governor Shaktikanta Das said in his statement that India's foreign exchange reserves had reached a historical high of USD 651.5 billion as on May 31, touching a new milestone."
Prior to May 10, the value of the cat, which serves as a vital buffer against external disruptions, peaked at USD 648.87 billion. According to figures issued on Friday, foreign currency assets - a significant part of the reserves - rose by USD 5.065.51 billion to USD 572.564 billion for the week ending May 31.
The effect of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves' appreciation or depreciation is included in the foreign currency assets, which are expressed in terms of dollars. According to the RBI, gold reserves dropped by USD 212 million to USD 56.501 billion throughout the course of the week.
According to the apex bank, the Special Drawing Rights (SDRs) decreased by USD 17 million to USD 18.118 billion. According to statistics from the apex bank, India's reserve position with the IMF increased by USD 1 million to USD 4.326 billion during the reporting week.
