India's Forex Reserves Surge to Historic High

India's forex reserves have reached an all-time high of USD 651.51 billion as of May 31, 2023, indicating a significant boost from earlier figures. Major contributors include foreign currency assets, while gold reserves saw a minor decrease. The Reserve Bank of India provided these details in its latest policy review.

India's foreign exchange reserves have surged to a record high of USD 651.51 billion for the week ending May 31, the Reserve Bank of India (RBI) reported on Friday. This milestone comes as a sharp increase from the previous week's reserves, which stood at USD 646.673 billion, marking a rise of USD 4.837 billion.

Governor Shaktikanta Das highlighted this achievement during the bimonthly policy review, emphasizing its importance as a buffer against potential economic disturbances.

Foreign currency assets, a significant part of the reserves, grew by USD 5.065 billion to USD 572.564 billion. Conversely, gold reserves saw a decrease of USD 212 million, ending at USD 56.501 billion. Special Drawing Rights (SDRs) and India's reserve position with the IMF also experienced minor fluctuations.