Forex reserves swell by $1.8 bn to $421.8 bn

The country’s foreign exchange reserves increased by USD 1.875 billion to USD 421.867 billion in the week to May 31, Reserve Bank data showed Friday.

In the previous week, the reserves had risen by USD 1.99 billion to USD 419.99 billion.

In the reporting week, foreign currency assets, which is a major component of the overall reserves, rose by USD 1.946 billion to USD 394.134 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018.

After remaining stable for past few weeks, gold reserves declined by USD 62.9 million to USD 22.958 billion, according to the RBI data.

The special drawing rights with the International Monetary Fund fell by USD 2.3 million to USD 1.443 billion.

The country’s reserve position with the fund also declined by USD 5.3 million to USD 3.331 billion.