India’s forex reserves rise $6.992 billion to $692.721 billion in week ended May 23

India’s foreign exchange reserves increased by $6.992 billion, reaching $692.721 billion for the week ended May 23, according to the RBI’s Friday announcement. The overall reserves had previously declined by $4.888 billion to $685.729 billion in the week ended May 16. The reserves had achieved their highest level of $704.885 billion at the end of September 2024.The data released on Friday indicated that foreign currency assets, which constitute a significant portion of the reserves, rose by $4.516 million to $586.167 billion during the week ended May 23.The foreign currency assets, when expressed in dollar terms, reflect the changes in value of non-US currencies such as the euro, pound and yen that are part of the foreign exchange reserves.The country’s gold holdings saw an uptick of $2.366 billion, reaching $83.582 billion for the week, according to the RBI.The SDRs (Special Drawing Rights) witnessed an increase of $81 million, totalling $18.571 billion, as reported by the central bank.According to the RBI data, India’s position with the International Monetary Fund also strengthened by $30 million, standing at $4.401 billion during the reporting week.India ranks among the top 10 countries with the highest foreign exchange reserves in the world.