Forex reserves surge to record $490.04 billion

The country's foreign exchange reserves swelled by $3.005 billion to a lifetime high of $490.044 billion in the week to May 22, mainly on account of a rise in foreign currency assets, RBI data showed. In the previous week, the reserves had increased by $1.726 billion to $487.04 billion. The gold reserves declined by $127 million to $32.779 billion. The special drawing rights with the IMF rose by $8 million to $1.432 billion.