India’s forex reserves jump $3.66 billion to $641.59 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After three consecutive weeks of drop, the Reserve Bank reported a substantial surge in foreign exchange reserves for the week ending May 3, 2024. Total reserves grew by $3.66 billion to reach $641.59 billion.

#ForexData | Total reserves in week-ended May 3 up $3.66 bn at $641.59 bn

Foreign currency assets in week-ended May 3 up $4.45 bn at $564.16 bn pic.twitter.com/7iKGWkhT8b

— CNBC-TV18 (@CNBCTV18Live) May 10, 2024

This increase comes after a $2.41-billion drop in the reserves to $637.92 billion for the previous week ended April 26.

Breaking down the components of the reserves, foreign currency assets also experienced a considerable uptick. They surged by $4.45 billion, reaching $564.16 billion by the end of the week ended May 3.

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

However, the value of gold reserves declined by $653 million to $54.88 billion during the same period.

India’s special drawing rights (SDRs) with the International Monetary Fund (IMF) increased marginally by $2 million to $18.05 billion, while the country’s reserve position with the IMF fell by $140 million to $4.50 billion.

The latest data highlights India’s robust external position, with the country’s forex reserves well above the psychological mark of $600 billion, although still below the record high of $648.562 billion reached for the week ended April 5.

This high came after multiple weeks of increases following a breach of the previous high from September 2021 in March this year.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow