India's forex reserves soar to record high of $490.04 billion

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The country's foreign exchange reserves swelled by $3.005 billion to a lifetime high of $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 $1.726 billion to $487.04 billion.

Foreign currency assets (FCA), a major component of the overall reserves, increased by $3.035 billion to $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 $127 million to $32.779 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) rose by $8 million to $1.432 billion.

The country's reserve position with the IMF also rose by $89 million to $4.127 billion during the reporting week, the data showed.