Forex reserves up by $2.975 bn to $619 bn

India’s forex reserves jumped by $2.975 billion to $619.072 billion for the week ended February 23, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $1.132 billion to $616.097 billion. For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.405 billion to $548.188 billion.

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 $472 million to $47.848 088 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $89 million to $18.197 billion, the apex bank said. India’s reserve position with the IMF was up by $9 million to $4.839 billion in the reporting week, the apex bank data showed. India’s forex reserves hit an all-time high of $645 billion in October 2021.