Forex reserves surge $4 bn to record $670.857 bn

Mumbai: Surpassing the all-time high level achieved the previous week, India’s forex reserves jumped by another $4 billion to $670.857 billion for the seven days ended July 19, the Reserve Bank said on Friday.

The overall reserves had jumped by $9.699 billion to an all-time high of $666.854 billion in the week ended July 12. For the week ended July 19, foreign currency assets, a major component of the reserves, increased by $2.578 billion to $588.048 billion, the data released on Friday 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 $1.329 billion to $59.992 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $95 million to $18.207 billion, the apex bank said. India’s reserve position with the IMF were unchanged at $4.610 billion in the reporting week, the apex bank data showed.