India’s foreign exchange reserves have reached a new peak, surpassing $648 billion. On May 17, the reserves stood at $648.7 billion, up from the previous record of $648.56 billion in April. The latest weekly report from the Reserve Bank of India (RBI), released on May 24, indicates a substantial increase of $4.54 billion within a week.

 

India’s foreign exchange reserves rose by $4.54 billion during the week of May 17, reaching a total of $648.7 billion. This marks the highest level of forex reserves in the country’s history. According to a report published by the Reserve Bank of India on Friday, May 24, this increase represents the second consecutive week of growth in forex reserves.

 

In the week ending May 10, India’s foreign exchange reserves grew by $2.56 billion. Consequently, the total reserves increased from $644.15 billion to $648.7 billion. Previously, the reserves had reached an all-time high of $648.56 billion in the week ending April 19. This record has now been surpassed in the week of May 17.

 

Out of the $4.54 billion increase in forex reserves, foreign currency assets contributed $3.361 billion. Gold reserves rose by $1.24 billion, and Special Drawing Rights (SDRs) increased by $113 million. However, the reserve position with the IMF decreased by $168 million.

 

India’s Forex Reserve Fund as of May 17

– Total Forex Reserves: $648.7 billion
– Foreign Currency Assets: $569.01 billion
– Gold Reserves: $57.19 billion
– Special Drawing Rights (SDRs): $18.16 billion
– Reserve Position with the IMF: $4.32 billion

Foreign currency assets refer to the value of major non-dollar currencies. The reserve position with the IMF indicates the amount of rupee currency held by the IMF.

 

Countries with the Highest Forex Reserves:

– China: $3,225 billion
– Japan: $1,290 billion
– Switzerland: $868 billion
– India: $648 billion
– Russia: $603 billion