look news india
Mumbai: India's foreign exchange reserves rose by $4.54 billion to an all-time high of $648.70 billion in the week ended May 17. According to data from the Reserve Bank of India (RBI), the reserves had increased by $2.56 billion in the week ending May 10.
The foreign exchange reserves have seen an increase for the third consecutive week. Earlier, the foreign exchange reserves were seen at an all-time high of $ 648.56 billion during the weekend of April 5.
According to data released by the RBI, foreign currency assets rose by $3.36 billion to $569.01 billion in the week ending May 17. Dollar-denominated foreign currency assets cover the impact of fluctuations in the value of currencies other than the US dollar such as euro, pound and yen in the foreign exchange reserves.
Gold reserves increased by $ 1.24 billion to $ 57.19 billion. RBI's intervention in the country's currency market and investment by foreign investors are the main reasons for the increase in foreign exchange reserve level.