India's forex reserves up by $1.99 bn to $419.99 bn

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India's forex reserves increased by $1.994 billion to $419.992 billion for the week ended May 24 on swelling up of the core currency assets, the Reserve Bank said May 31.

The overall reserves had declined by $2.05 billion to $417.99 billion in the previous reporting week. The reserves had touched an all-time high of $426 billion in April 2018.

In the reporting week, foreign currency assets, which are a major component of the overall reserves increased $1.991 billion to $392.188 billion, the apex bank said.

Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the reserves.

Gold reserves remained unchanged at $23.021 billion, according to the data.

The special drawing rights with the International Monetary Fund increased $0.8 million to $1.445 billion.

The country's reserve position with the fund also increased $2 million to $3.336 billion.