Forex Reserves Stood At $601 Billion In May

Country's foreign exchange reserves increased by $3.854 billion to $601.363 billion in the week ended May 27, according to Reserve Bank of India (RBI) data.

In the previous week, the reserves rose by $4.230 billion to $597.509 billion.

During the reporting week, the rise in forex reserves was due to an increase in the Foreign Currency Assets (FCA) and the gold reserves, according to the Weekly Statistical Supplement released by the RBI on Friday.

FCA increased by $3.61 billion to $536.988 billion in the week ended May 27.

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 $94 million to $40.917 billion.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $132 million to $18.438 billion.

The country's reserve position with the IMF also increased by $18 million to $5.019 billion in the reporting week, the data showed.