Forex reserves jump USD 1.193 billion to USD 582.406 billion
Forex reserves jump USD 1.193 billion to USD 582.406 billion

The country's foreign exchange reserves rose by USD 1.193 billion to reach USD 582.406 billion in the week ended April 16, RBI data showed on Friday.

In the previous week ended April 9, the forex kitty had surged by USD 4.344 billion to USD 581.213 billion. The reserves had touched a lifetime high of USD 590.185 billion in the week ended January 29, 2021.

In the week ended April 16, 2021, the increase in reserves was mainly due to a rise in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs rose by USD 1.13 billion to USD 540.585 billion, weekly data by the Reserve Bank of India (RBI) showed. 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. Gold reserves increased by USD 34 million to USD 35.354 billion in the reporting week, as per the data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 6 million to USD 1.498 billion.

The country's reserve position with the IMF rose by USD 23 million to USD 4.969 billion in the reporting week, according to the central bank data.

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