Forex stocks rise $8.663 bn to $725.727 bn

Mumbai: India’s forex reserves jumped $8.663 billion to hit a new all-time high of $725.727 billion in the week ended February 13, the RBI said on Friday.

The overall forex reserves dropped $6.711 billion to $717.064 billion in the previous reporting week ended February 6. The previous all-time high of $723.774 billion was touched in January.

For the week ended February 13, foreign currency assets, a major component of the reserves, increased by $3.55 billion to $573.603 billion, the data released by the central bank showed.

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 surged by $4.99 billion to $128.466 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $103 million to $18.924 billion, the apex bank added.

India’s reserve position with the IMF was also up by $19 million to $4.734 billion in the reporting week, according to data. PTI