Forex reserves jump $ 2.3 billion to fresh record of $ 683.987 billion

India’s foreign reserves increased by USD 2.299 billion to a record high of USD 683.987 billion for the week ending August 30, according to RBI statistics released on Friday.

During the previous reporting week, currency reserves increased by USD 7.023 billion to a high of USD 681.688 billion.

According to the report, foreign currency assets, a major component of reserves, climbed by USD 1.485 billion to USD 599.037 billion in the week ending August 30.

Foreign currency assets, expressed in dollar terms, include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.

Gold reserves rose by USD 862 million to USD 61.859 billion this week. The Special Drawing Rights (SDRs) were up by USD 9 million to USD 18.468 billion.

India’s reserve position with the IMF fell by USD 58 million to USD 4.622 billion during the reporting week, according to apex bank data.

Source:IE