India's Forex Reserves Rises To $693 Billion
Gold reserves declined $2.4 billion to $83.5 billion during the week.
India's foreign exchange reserves rose to $692.7 billion for the week that ended on May 23. The country's forex kitty added $7 billion over the previous reporting week, according to data from the Reserve Bank of India on Friday.
In the previous reporting week, reserves had slipped to $685.72 billion.
Besides, foreign investors have pulled out over $6.6 billion from the country's debt and equity markets so far this year, according to data from the National Securities Depository Ltd.
For the week ended May 23, foreign currency assets—a major component of the reserves—rose $4.5 billion to $586 billion, according to the RBI data. In dollar terms, foreign currency assets include the effect of the appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves.
Gold reserves declined $2.4 billion to $83.5 billion during the week.
India ranks as the fourth-largest holder of foreign exchange reserves, sufficient to cover nearly a year of imports. The country's forex holdings are the fourth largest, after China, Japan and Switzerland.
Reserves have steadily recovered after a steep fall from their peak of $700 billion at the end of September.
