Foreign exchange reserves reached a record level, jumping by $563 million to $590.028 billion.

Foreign exchange reserves hit record levels, increasing $ 563 million to $ 590.028 billion.

India’s foreign exchange reserves rose by $ 563 million to $ 590.028 billion in the week of May 14, the Reserve Bank of India’s weekly statistics showed on Friday. The increase in the reporting week was mainly due to an increase in the value of foreign currency assets (FCAs) and gold reserves held by RBI.

The central bank’s FCAs, which are a significant part of total reserves, rose $ 377 million to $ 546.870 billion during the reporting period, the data showed. The gold reserves rose by USD 174 million to USD 36.654 billion, according to the central bank.

After a volatile end to fiscal 2021, the central bank’s foreign kitten has grown steadily over the first six weeks of the current fiscal year. The forex kitten has just hit its all-time high of $ 590.18 billion, which it hit in January 2021.

The FCA reflects the appreciation or depreciation of currencies such as the euro, pound and yen in the foreign exchange reserves in US dollars. Typically, the value of the FCA for that week is a function of currency depreciation and the RBI’s intervention in the currency market.

Special Drawing Rights (SDRs) at the International Monetary Fund (IMF) – another part of the Forex kitten – rose by $ 2 million to $ 1.506 billion. The reserve position at the IMF also increased by $ 10 million from the previous week to $ 4.999 billion, the data showed.

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