Forex reserves jump by $4.496 billion to $702.28 billion

In the previous reporting week, the overall reserves had jumped by USD 2.176 billion to USD 697.784 billion.

India’s forex reserves increased by USD 4.496 billion to USD 702.28 billion for the week ended October 17, as the value of gold reserves rose further, the RBI said on Friday.

In the previous reporting week, the overall reserves had jumped by USD 2.176 billion to USD 697.784 billion. For the week ended October 17, foreign currency assets, a major component of the reserves, decreased by USD 1.692 billion to USD 570.411 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of the gold reserves jumped by USD 6.181 billion to USD 108.546 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 38 million to USD 18.722 billion, the apex bank said. India’s reserve position with the IMF fell by USD 30 million to USD 4.602 billion in the reporting week, according to the apex bank’s data.