Foreign reserves at 10 weeks high, increase for the third week in a row

Foreign reserves at 10 weeks high, increase for the third week in a row

Foreign reserves in the country rose $1.73 billion in the week ended May 15, hitting a $487.04 billion 10-week peak. It is the highest amount of foreign reserves since March 06 (487.24 abar dollars) ended the week. For the third consecutive week, the country’s foreign-exchange reserves have increased. Previously, it had fallen by $4.24 billion to $485.31 billion in the week ending May 08.

Foreign currency assets, the largest portion of foreign exchange reserves, increased by $1.12 billion during the week ended May 15 and stood at $448.67 billion on weekends, according to data released by Reserve Bank of India. Gold reserves grew from $61.6 million to $32.91 billion during this time.During the week under review, the reserve with the International Monetary Fund decreased by $13 million to $4.04 billion, while the special drawing rights increased by $2 million to $1.43 billion.