Forex stocks rise by $1.4 bn to $695.1 bn, says RBI data

Mumbai: India’s forex reserves rose by $1.488 billion to $695.106 billion during the week ended August 15, according to Reserve Bank of India (RBI) data released on Friday.

In the previous reporting week, the overall reserves had increased by $4.747 billion to $693.618 billion.

For the week ended August 15, foreign currency assets, a major component of the reserves, climbed by $1.924 billion to $585.903 billion, the 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 decreased by $493 million to $85.667 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $41 million to $18.782 billion, the RBI said. India’s reserve position with the International Monetary Fund (IMF) was higher by $15 million at $4.754 billion in the reporting week, the RBI data showed.