India’s forex reserves jump $4.84 billion to hit fresh all-time high of $651.5 billion: RBI

India’s forex reserves jumped USD 4.837 billion to a new all-time high of USD 651.51 billion for the week ended May 31, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had dropped USD 2.027 billion to USD 646.673 billion.

“Touching a new milestone, India’s foreign exchange reserves reached a historical high of USD 651.5 billion as on May 31,” RBI Governor Shaktikanta Das said in his statement while announcing the bimonthly policy review.

The previous high for the kitty a crucial guard against any disturbances in the external sector was USD 648.87 billion on May 10. For the week ended May 31, foreign currency assets, a major component of the reserves, increased by USD 5.065.51 billion to USD 572.564 billion, the data released on Friday showed.

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 decreased USD 212 million to USD 56.501 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down USD 17 million to USD 18.118 billion, the apex bank said. India’s reserve position with the IMF was up USD 1 million to USD 4.326 billion in the reporting week, the apex bank data showed.