Money & Banking
Reserves were up $3.854 billion in the reporting week
India’s foreign exchange reserves crossed the crucial $600 billion mark in the week ended May 27, within a month of falling below this level.
The reserves were up $3.854 billion in the reporting week to stand at $601.363 billion as on May 27.
India’s forex reserves had gone past the $600-billion mark for the first time in the week ended June 4, 2021. In the subsequent weeks, the reserves soared to touch a peak of $642 billion on October 29, 2021.
In the reporting week, all four components of the reserves rose — foreign currency assets (up by $3.61 billion), gold ($94 million), Special Drawing Rights ($132 million) and Reserve Position in the IMF ($18 million).