India's Forex Reserves Cross $500 Billion Mark For The First Time

India's foreign exchange reserves crossed the half-a-trillion mark for the first time ever after it surged by massive $8.22 billion in the week ended 5 June, according to the latest data released by the RBI.

The reserves rose to $501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA).

In the previous week ended 29 May, the reserves had increased by $3.44 billion to $493.48 billion.

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 $329 million to $32.352 billion in the reporting week, the Reserve Bank of India (RBI) data showed.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were up by $10 million to $1.44 billion.

The country's reserve position with the IMF (International Monetary Fund) also rose $120 million to $4.28 billion during the reporting week, the data showed.