Forex reserves rise $4.23 billion to $597.51 billion: RBI

India's forex reserves increased by $4.23 billion to $597.509 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data.

The country's foreign exchange reserves had declined by $2.676 billion to $593.279 billion in the previous reporting week ended May 13.

During the reporting week, the rise in the reserves was mainly on account of an increase in Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per weekly data released by Reserve Bank of India (RBI) on Friday.

FCAs increased by $3.825 billion to $533.378 billion in the week.

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

Gold reserves increased by $253 million to $40.823 billion.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) climbed $102 million to $18.306 billion, RBI said.

The country's reserve position with the IMF increased by $51 million to $5.002 billion in the reporting week, the data showed.