India's Foreign Exchange Reserves Jump $2.56 Billion to $644.15 Billion
India’s foreign exchange reserves saw an increase of $2.56 billion, reaching a total of $644.15 billion for the week ended May 10, according to the Reserve Bank of India (RBI). This follows a previous increase of $3.668 billion after three consecutive weeks of decline.
The foreign currency assets, which form a significant portion of the reserves, rose by $1.488 billion to $565.648 billion. These assets are influenced by the appreciation or depreciation of non-US currencies like the euro, pound, and yen.
Gold reserves experienced a significant rise, increasing by $1.072 billion to $55.952 billion during the reported week.
The Special Drawing Rights with the International Monetary Fund (IMF) increased by $5 million, bringing the total to $18.056 billion.
India’s reserve position with the IMF saw a slight decrease of $4 million, totaling $4.495 billion for the reporting week.
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