Forex stocks rise $2.7 bn to $698.1 bn

Mumbai: India’s forex reserves rose by $2.703 billion to $698.192 billion during the week ended July 25, the Reseve Bank of India said on Friday.

In the previous reporting week, the overall reserves had dropped $1.183 billion to $695.489 billion.

For the week ended July 25, foreign currency assets, a major component of the reserves, increased by $1.316 billion to $588.926 billion, the Reseve Bank data 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.

The gold reserves grew by $1.206 billion to $85.704 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $126 million to $18.809 billion, the Reserve Bank said.

India’s reserve position with the International Monetary Fund (IMF) was higher by $55 million at $4.753 billion in the reporting week, the Reseve Bank of India data

showed.