Forex stocks jump by $3.66 billion to $641.59 billion: Reserve Bank data

The overall kitty dropped $2.412 billion to $637.922 billion for the previous week ended April 26

MUMBAI: After three consecutive weeks of drop, India’s forex reserves increased by $3.668 billion to $641.59 billion for the week ended May 3, the RBI said on Friday.

The overall kitty dropped $2.412 billion to $637.922 billion for the previous week ended April 26.

For the week ended April 5, the reserves had hit an alltime high of $648.562 billion, following multiple weeks of increases after breaching the previous high of September 2021 in March this year.

For the week ended May 3, the foreign currency assets, a major component of the reserves, increased by $4.459

Gold reserves fell by $653 million to $54.88 billion during the week, the Reserve Bank said

billion to $564.161 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of nonUS units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves decreased by $653 million to $54.88 billion during the week, the Reserve Bank of India said.

The Special Drawing Rights (SDRs) were up $2 million to $18.051 billion, the apex bank said.

India’s reserve position with the International Monetary Fund (IMF) was down by $140 million to $4.499 billion in the reporting week, the data showed.