MUMBAI: The country's foreign exchange reserves surged by $3.43 billion to a new all-time high of $493.48 billion for the week ended May 29 on a handsome accretion of the core currency assets, the Reserve Bank of India (RBI) said recenly. The reserves - which are counted as a key strength as the country faces the economic impact of the COVID-19 pandemic - had risen by $3 billion to an all-time high of $490.044 billion in the previous week.

During the week ended May 29, foreign currency assets - a major component of the overall reserves - increased by $3.50 billion to $455.21 billion, data from the Reserve Bank of India showed.

Total value of the gold reserves continued to decline and were at 32.68 billion, lower by $97 million compared to the previous week, according to central bank data.