Forex reserves tops $600 billion mark again, rises $3.85 billion in latest week

As per RBI’s weekly statistical data on Friday, India’s forex reserves jumped by $3.854 billion for the week ending May 27, 2022, to $601.363 billion.

In the previous week ending May 20, the forex reserves were at $597.509 billion.

Forex reserves come at nearly ₹46.66 lakh crore in the week ending May 27, increasing by ₹27,781 crore from the previous week.

In the week ending May 27, the country’s foreign currency assets climbed from $3.610 billion to $536.988 billion compared to the previous week’s $533.378 billion.

The country’s gold reserves surged by $94 million to $40.917 billion, while Special Drawing Rights (SDRs) grew by $132 million to $18.438 billion in the week ending May 27.

Gold reserves and SDRs were at $40.823 billion and $18.306 billion in the week ending May 20.

Furthermore, in the latest week, the reserve position in the IMF zoomed by $18 million to $5.019 billion in the week ending May 27 compared to $5.002 billion.

The Indian rupee closed this week with some partial gains. On Friday, the rupee closed 6 paise lower at 77.66 per dollar tracking a subdued tone of the domestic equities, stubborn foreign fund outflows, and widening of the trade deficit.

FPI outflows in equity so far stand at ₹2,288 crore in June, while the selloffs were to the tune of ₹39,993 crore and ₹17,144 crore in May and April of this fiscal.

So far, in 2022 up to June 3, FPIs outflow in the equities market stands at ₹1,69,443 crore.