Forex reserves rise $4.5 billion to record $648.7 billion – Economy News

Forex reserves rose $4.5 billion to an all-time high of $648.7 billion in the week ended May 17, data from the Reserve Bank of India (RBI) showed.

This is the third straight week of increase in the overall forex kitty. Forex reserves rose $2.6 billion to $644.1 billion in the week ended May 10. Previously, the reserves had hit an all-time high of $648.6 billion in the week ended April 5.

Foreign currency assets rose $3.4 billion to $569 billion in the week ended May 17. Gold reserves rose $1.2 billion to $57.2 billion. Special drawing rights rose $113 million to $18.2 billion. Reserve position in the international monetary fund fell $168 million to $4.3 billion.

The rupee gained 17 paise or 0.20% in the week ended May 17.

“Despite the dollar index trading higher in recent days, the rupee showed resilience due to significant economic development in India and substantial fund inflows from DIIs into the capital markets,” Jateen Trivedi, VP, research analyst – commodity and currency, LKP Securities, said. “The expected range for the rupee is between 82.90 and 83.35,” he added.