After a jubilant seven-month high in the previous session, India’s equity indices remained under pressure with Sensex down by 200.15 points and Nifty remaining just above the 25,000 mark. But, it was a different story for India’s forex reserves that jumped by US $4.553 billion to US $690.617 billion for the week ended May 9 on the back of a steep increase in gold assets, the RBI said on Friday.
This came after the overall reserves had dropped by US $2.065 billion to US $686.064 billion in the previous reporting week. The forex reserves had touched an all-time high of US $704.885 billion in end-September, 2024.
For the week ended May 9, foreign currency assets, a major component of the reserves, increased by US $196 million to US $581.373 billion, the data released on Friday 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.
Meanwhile, gold reserves jumped by US $4.518 billion to US $86.337 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down by US $26 million to US $18.532 billion, the apex bank said.
India’s reserve position with the IMF was also down by US $134 million at US $4.374 billion in the reporting week, the apex bank data showed.
The Sensex was down by 0.24 per cent at 82,330.59, and Nifty was down 0.17 per cent to close at 25,019.80. It was the broader indices outperformed the main indices with BSE Midcap rising 0.8 per cent and smallcap index added 1 per cent. The media, power, PSU, realty, and capital goods were up by 1-1.7 per cent.
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