India’s forex reserves rose to $595.976bn during week ending May 5: RBI

India's foreign exchange reserves rose by $7.196 billion to $595.976 billion during the week ended May 5

New Delhi: India’s foreign exchange reserves rose by $7.196 billion to $595.976 billion during the week ended May 5, data released by the Reserve Bank of India (RBI) said on Friday.

The overall reserves had fallen by $4.532 billion to $588.78 billion during the previous reporting week, ending April 28.

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In October 2021, the country’s forex reserves had reached an all-time high of $645 billion.

The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.

During the week ended on May 5, the foreign currency assets, a major component of the reserves, increased by nearly $6.536 billion to $526.021 billion, according to RBI data.