Forex reserves rise by $4.546 bn to $674.664 bn

Mumbai: India’s forex reserves jumped by $4.546 billion to $674.664 billion during the week ended August 16, the RBI said on Friday. In the previous week, the forex kitty had dropped by $4.8 billion to $670.119 billion. On August 2, the overall reserves hit an all-time high of $674.919 billion. In the week ended August 16, foreign currency assets, a major component of the reserves, increased by $3.609 billion to $591.569 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 $865 million to $60.104 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $60 million to $18.341 billion. India’s reserve position with the IMF was up by $12 million to $4.65 billion during the week.