India’s forex reserves saw an overall increase in the week that ended on October 17, crossing USD 700 billion.
The Reserve Bank of India (RBI) said on Friday its forex reserves were up by USD 4.496 billion, settling at USD 702.28 billion, as the value of gold reserves rose further.
In the previous reporting week, the overall reserves had jumped by USD 2.176 billion to USD 697.784 billion; but for the week ended October 17, foreign currency assets, a major component of the reserves, decreased by USD 1.692 billion to USD 570.411 billion, the data released on Friday showed.
Also Read: India’s forex kitty down to USD 698-bn; value of gold reserves up
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 jumped by USD 6.181 billion to USD 108.546 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by USD 38 million to USD 18.722 billion, the apex bank said.
India’s reserve position with the IMF fell by USD 30 million to USD 4.602 billion in the reporting week, according to the apex bank’s data.
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