India’s forex reserves touch all-time high of $648.7 billion: RBI data

(Representational Photo: Getty Images)


India’s forex reserves spiked by $4.549 billion to touch a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.

This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.

As per the RBI data, In the week ended May 10, foreign currency assets, a major component of the reserves, increased $3.361 billion to $569.009 billion.

For the week ended April 5, the reserves had hit an all time high of $648.562 billion following multiple weeks of increases.

Further, the gold reserves increased $1.244 billion to $57.195 billion during the week. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, RBI said.

India’s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the data showed.