India’s Forex reserves rise by $6.2 bn in first week of May

 
India’s foreign exchange reserves rose by 6.2 billion US dollars, standing at 696 billion US dollars for the week ending May 8. According to the Reserve Bank of India, Gold reserves jumped by 5.6 billion US dollars to 120 billion US dollars. Foreign currency assets, the largest component of the reserves, also advanced by 562 million US dollars to 552 billion US dollars during the week. Meanwhile, Special Drawing Rights (SDRs) increased by 84 million US dollars to 18.87 billion US dollars. Country’s reserve position with the International Monetary Fund also rose by 12 million US dollars to 4.87 billion US dollars.