Fuelled by rising currency assets, forex reserves race past $600 bn

The country’s foreign exchange reserves crossed the $600 billion mark for the first time after increasing by $6.842 billion in the week ended June 4, RBI data showed on Friday.

The reserves surged to a record $605.008 billion in the reporting week, helped by a rise in foreign currency assets (FCA), a major component of the overall reserves, as per weekly data by the Reserve Bank of India (RBI).

In the previous week ended May 28, 2021, the reserves had swelled by $5.271 billion to $598.165 billion.

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In the reporting week, FCA jumped by $7.362 billion to $560.890 billion, the data showed.

Gold reserves declined by $502 million to $37.604 billion. The special drawing rights (SDRs) with the IMF dipped $1 million to $1.513 billion.