MUMBAI: The country’s reserves surged by $5.271 billion to touch a record high of $598.165 billion in the week ended May 28, RBI data showed on Friday. In the previous week ended May 21, 2021, the reserves had increased by $2.865 billion to $592.894 billion. While announcing the second bi-monthly monetary policy review earlier on Friday, RBI governor Shaktikanta Das said the country’s may have crossed $600 billion currently. Based on our current expectations, we believe that our (forex) reserves have already exceeded $600 billion. That is something which gives us a great amount of confidence to deal with the challenges arising out of global spillovers, should they happen at a future date, Das said. The rise in the reserves, for the week ended May 28, was mainly on account of an increase in foreign currency assets (FCAs), a major component of the overall reserves. FCAs swelled by USD 5.01 billion to $553.529 billion in the reporting week, weekly data by the Reserve Bank of India (RBI) s howed. 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. Gold reserves rose by $265 million to $38.106 billion. The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $2 million to $1.515 billion. The country’s reserve position with the IMF declined by $5 million to $5.016 billion in the reporting week, as per the data.