MUMBAI: The country’s foreign exchange reserves have crossed $598 billion for the first time for the eighth consecutive week.
According to data received from the Reserve Bank of India, the country’s reserves of foreign exchange increased by $5.27 billion to $598.16 billion in the week ended May 28. Earlier, in the week ending May 21, it had increased by $ 2.87 billion to a record level of $ 592.89 billion.
Reserve Bank Governor Shaktikanta Das, in order to inform the decisions of the Monetary Policy Committee, said on Friday that there are indications that in the week ending this June 04, the foreign exchange reserves have crossed the level of $ 600 billion. But after confirmation, this week’s figures will be released on the following Friday.
The central bank said forex assets, the largest component of forex reserves, rose by $5.01 billion to $553.53 billion during the week ended May 28. During this, gold reserves also increased by $ 265 million to $ 38.11 billion.
Reserves with the International Monetary Fund declined by $5 million to $5.02 billion, while special drawing rights increased by $2 million to $1.52 billion.
