Forex stocks jump $1.98 bn to $688.13 bn

Mumbai: India’s forex reserves increased $1.983 billion to $688.129 billion during the week ended April 25, the RBI said on Friday.

This is the eighth consecutive week of a rise in the kitty, which had jumped 8.31 billion to $686.145 in the previous reporting week.

For the week ended April 25, foreign currency assets, a major component of the reserves, increased $2.168 billion to $580.663 billion, the data released on Friday showed.

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 decreased $207 million to $84.365 billion during the week, the Reserve Bank of India said.

The Special Drawing Rights (SDRs) were up $21 million to $18.589 billion, the Reserve bank said.

India’s reserve position with the International Monetary Fund (IMF) was also up $2 million to $4.512 billion in the reporting week, the RBI data showed.