India’s forex stocks rise $223 mn to fresh high of $689.458 bn

Mumbai: India’s forex reserves rose by $223 million to a new all-time high of $689.458 billion for the week ended on September 13, according to the Reserve Bank data released on Friday.

The overall forex kitty had jumped by $5.248 billion to a high of $689.235 billion for the previous reporting week ended on September 6.

For the week ended September 13, foreign currency assets, a major component of the reserves, however decreased by $515 million to $603.629 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.

Gold reserves increased by $899 million to $62.887 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) dropped by $53 million to $18.419 billion, the apex bank said.

India’s reserve position with the International Monetary Fund (IMF) declined by $108 million to $4.523 billion in the reporting week, the apex bank data showed.