India's Dollar Reserves Totals $599 Billion
The Reserve Bank of India (RBI) said that India's currency reserves increased by $3.553 billion to $599.529 billion for the week ending May 12. The increase is for the second week in a row. For the preceding reporting week, total reserves increased by $7.196 billion to $595.976 billion.
Reports from the Weekly Statistical Supplement provided by the RBI last week, foreign currency assets, a major component of reserves, climbed by about $3.577 billion to $529.598 billion.
According to Indian media sources, gold reserves increased by $38 million to $46.353 billion, but special drawing rights (SDRs) decreased by $35 million to $18.413 billion.
Foreign currency assets in dollar terms include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.
In October 2021, the country's currency reserves reached an all-time high of $645 billion. Since then, the reserves have been dwindling.
In the reporting week, the country's reserve position with the International Monetary Fund fell by $28 million to $5.164 billion.