Forex reserves scale up USD 4.23 bn to USD 597.5 bn

India's forex reserves increased by USD 4.23 billion to USD 597.509 billion for the week ended May 20 due to a significant accretion of core currency assets, according to RBI data.

In the previous reporting week ended May 13, the country's foreign exchange reserves fell by USD 2.676 billion to USD 593.279 billion. According to weekly data released by the Reserve Bank of India (RBI) on Friday, the increase in reserves was mostly due to a gain in Foreign Currency Assets (FCA), a major component of overall reserves, and gold reserves during the reporting week.

In the past week, FCAs climbed by USD 3.825 billion to USD 533.378 billion. The FCAs are expressed in dollar terms and include the effect of non-US units such as the euro, pound, and yen held in foreign exchange reserves appreciating or depreciating. To USD 40.823 billion, gold reserves increased by USD 253 million.

The International Monetary Fund's (IMF) Special Drawing Rights (SDRs) increased by USD 102 million to USD 18.306 billion, according to the RBI. The country's reserve position with the IMF climbed by USD 51 million in the reporting week to USD 5.002 billion, according to the data.

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