Mumbai - According to the Reserve Bank of India's (RBI) statistical supplement released, India's foreign exchange reserves grew for a third straight week and reached $599.53 billion for the week ending May 12. This was their highest level since early June.

India's foreign exchange reserves increased by $7.196 billion to $595.976 billion in the week ending May 5, 2023, bringing them one step closer to the $600 billion threshold. The reserves would increase for the second straight week. All other indicators, excluding SDRs, advanced during the week under review, with foreign currency assets (FCA) being the main driver.