Mumbai- India’s forex reserve jumped by USD 938 million to USD 682.321 billion during the week ended May 28, the Reserve Bank said on Friday.
In the previous reporting week, the kitty dropped USD 7.511 billion to USD 681.384 billion.
The kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year before the onset of the Middle East conflict which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
Prime Minister Narendra Modi has also made multiple public appeals starting May 11 to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year.
For the week ended May 29, foreign currency assets, a major component of the reserves, increased USD 3.116 billion to USD 546.148 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Value of gold reserves declined USD 2.186 billion to USD 112.6 billion during the week, the RBI said.
The special drawing rights (SDRs) were unchanged at USD 18.747 billion, the apex bank said.
India’s reserve position with the IMF was up by USD 8 million to USD 4.826 billion at the end of the reporting week, according to the apex bank’s data.
