India's foreign exchange reserves rise $3.9 bn to reach $588 bn

New Delhi: The country's foreign exchange reserves swelled by USD 3.913 billion to reach USD 588.02 billion in the week ended April 30, 2021, RBI data showed on Friday.

In the previous week ended April 23, the reserves had risen by USD 1.701 billion to USD 584.107 billion. The forex kitty had touched a lifetime high of USD 590.185 billion in the week ended January 29, 2021.

In the reporting week ended April 30, 2021, the rise in reserves was on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs rose by USD 4.413 billion to USD 546.059 billion, as per the weekly data by the Reserve Bank of India (RBI).

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.

Gold reserves declined by USD 505 million to USD 35.464 billion in the reporting week, according to the central bank data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose USD 3 million to USD 1.508 billion.

The country's reserve position with the IMF increased by USD 2 million to USD 4.99 billion in the reporting week, the data showed.