Forex kitty swells $2.3 bn to record of $683.987 bn

Mumbai: India’s forex reserves jumped by $2.299 billion to a new high of $683.987 billion for the week ended on August 30, according to the RBI data release on Friday. In the previous reporting week, the forex reserves had jumped by $7.023 billion to a high of $681.688 billion. For the week ended August 30, foreign currency assets, a major component of the reserves, increased by $1.485 billion to $599.037 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 $862 million to $61.859 billion during the week. The Special Drawing Rights (SDRs) were up by $9 million to $18.468 billion. India’s reserve position with the IMF was down by $58 million to $4.622 billion in the reporting week, the apex bank data showed.