India’s foreign exchange (forex) reserves continued to rise for the second consecutive week and even crossed the $600 billion mark once again due to strong growth in foreign currency assets.
India’s foreign exchange reserves rose by $3.854 billion to $601.363 billion in the week ended May 27, 2022, according to RBI’s weekly statistical data on Friday.
In the last week ending May 20, foreign exchange reserves 597.509 billion dollars.
forex reserves approx 46.66 lakh crore increase in the week ended May 27 27,781 crore from last week.
In the week ended May 27, the country’s foreign exchange assets increased from $3.610 billion to $536.988 billion as compared to $533.378 billion in the previous week.
The country’s gold reserves rose by $94 million to $40.917 billion for the week ended May 27, while the special drawing rights (SDR) increased by $132 million to $18.438 billion.
Gold reserves and SDRs stood at $40.823 billion and $18.306 billion for the week ended May 20.
Further, in the latest week, the reserve position in the IMF increased by $18 million to $5.019 billion in the week ended May 27 as compared to $5.002 billion.
The Indian rupee closed this week with some partial gains. The rupee on Friday had closed 6 paise lower at 77.66 per dollar on a weak tone of domestic equities, stubborn foreign fund outflows and widening trade deficit.
FPI outflows into equities stand still at 2,288 crore in June, while the sell-off was on 39,993 crore and 17,144 crore in May and April of the current financial year.
As of now, as of June 3 in 2022, FPI outflows into the equity market are at a level 1,69,443 crore.