Forex reserves at record high of $648.7 bn

Mumbai: India’s forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.

This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17. For the week ended April 5, the reserves had hit an all-time high of $648.562 billion following multiple weeks of increases.