India’s forex reserves jump by $4.54 bn to $674.66 billion

India’s foreign reserves increased by USD 4.546 billion to USD 674.664 billion in the week ending August 16, the RBI reported on Friday.
In the previous week, the foreign kitty fell by USD 4.8 billion to USD 670.119 billion. On August 2, total reserves reached an all-time high of USD 674.919 billion.

Foreign currency assets, a major component of reserves, grew by USD 3.609 billion to USD 591.569 billion during the week ending August 16, according to data issued on Friday.
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.

The RBI said that gold reserves climbed by USD 865 million to USD 60.104 billion this week.
The Special Drawing Rights (SDRs) increased by USD 60 million to 18.341 billion. India’s reserve position with the IMF increased by USD 12 million to USD 4.65 billion this week.

Source:BS