Forex stocks rise $1.689 bn to $688.949 bn

Mumbai: India’s forex reserves jumped by $1.689 billion to $688.949 billion during the week ended December 12, the Reserve Bank of India said on Friday.

In the previous reporting week, the overall reserves increased by $1.033 billion to $687.26 billion.

For the week ended December 12, foreign currency assets, a major component of the reserves, increased by $906 million to $557.787 billion, according to the data.

Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of the gold reserves increased by $758 million to $107.741 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) surged by $14 million to $18.745 billion, the Reserve bank said.

India’s reserve position with the International Monetary Fund (IMF) rose $11 million to $4.686 billion in the reporting week,

according to the Reserve Bank’s data.