India's forex reserves cross $500 billion mark!

• The overall forex reserves increased to $501.703 billion from $493.480 billion reported for the week ended May 29.

India's foreign exchange reserves rose by over $8.223 billion during the week ended June 5 to cross the $500 billion mark.

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $501.703 billion from $493.480 billion reported for the week ended May 29.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $8.422 billion to $463.630 billion.

However, the value of the country's gold reserves decreased by $329 million to $32.352 billion.

Besides, the SDR value rose by $10 million to $1.442 billion. The country's reserve position with the IMF increased by $120 million to $4.278 billion.