India’s forex reserves swell $2.83 billion to a new high of $692.296 billion

India’s foreign reserves increased by USD 2.838 billion to a new all-time high of USD 692.296 billion for the week ending September 20, the RBI said on Friday.

The aggregate kitty rose by USD 223 million to a record high of USD 689.458 billion in the preceding reporting week.

Foreign currency assets, a major component of reserves, rose by USD 2.057 billion to USD 605.686 billion in the week ending September 20, 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.

During the week, gold reserves climbed by USD 726 million, reaching USD 63.613 billion, RBI said.

The apex bank reported that Special Drawing Rights (SDRs) increased by USD 121 million to USD 18.54 billion.

India’s reserve position with the IMF fell by USD 66 million to USD 4.458 billion during the reporting week, according to apex bank data.

Source:IE