Forex reserves soar by USD 3.005 billion to hit record high of USD 490.04 billion

The country's foreign exchange reserves swelled by USD 3.005 billion to a lifetime high of USD 490.044 billion in the week to May 22, mainly on account of a rise in foreign currency assets, RBI data showed on Friday. In the previous week, the reserves had increased by USD 1.726 billion to USD 487.04 billion. Foreign currency assets (FCA), a major component of the overall reserves, increased by USD 3.035 billion to USD 451.706 billion in the reporting week, Reserve Bank of India (RBI) data showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves declined by USD 127 million to USD 32.779 billion in the reporting week. The special drawing rights with the International Monetary Fund (IMF) rose by USD 8 million to USD 1.432 billion. The country's reserve position with the IMF also rose by USD 89 million to USD 4.127 billion during the reporting week, the data showed.