India’s forex reserves jump $4.698 bn to $702.966 bn

Mumbai: India’s forex reserves jumped $4.698 billion to $702.966 billion for the week ended September 12, the Reserve Bank of India said on Friday.

In the previous reporting week, the overall reserves had increased $4.038 billion to $698.268 billion.

The overall reserves had jumped $3.51 billion to $694.23 billion.

For the week ended September 5, foreign currency assets, a major component of the reserves, increased $2.537 billion to $587.014 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.

The gold reserves increased $2.12 billion to $92.419 billion during the week, the Reserve Bank of India said.

The Special Drawing Rights (SDRs) were up by $32 million to $18.773 billion, the apex bank said.

India’s reserve position with the International Monetary Fund (IMF) was up by $9 million at $4.76 billion in the reporting week, the apex bank data showed. PTI