India's forex reserves surge USD 6.992 billion to USD 692.721 billion

Mumbai, May: India's forex reserves jumped by USD 6.992 billion to USD 692.721 billion during the week ended May 23, the RBI said on Friday.

In the previous reporting week ended May 16, the overall reserves had dropped by USD 4.888 billion to USD 685.729 billion. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.

For the week ended May 23, foreign currency assets, a major component of the reserves, increased by USD 4.516 million to USD 586.167 billion, the data released on Friday 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.

The gold reserves increased by USD 2.366 billion to USD 83.582 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) rose by USD 81 million to USD 18.571 billion, the apex bank said.

India's reserve position with the IMF was also up by USD 30 million at USD 4.401 billion in the reporting week, the apex bank data showed.