India's foreign exchange reserves cross $600 billion-mark

Dollar/Rupee

India’s foreign exchange reserves rose sharply by $12.74 billion to $609.02 billion in the week ended July 14.

In the previous week, forex reserves rose marginally by $1.23 billion to $596.28 billion.

According to the Reserve Bank of India’s (RBI) weekly Statistical Supplement data, for the week ending July 14, the foreign currency assets, a major component of the reserves, increased from $11.2 billion to $540.17 billion.

For the week ended July 7, the foreign currency assets rose $989 million to $528.968 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the pound, euro and yen held in the foreign exchange reserves.

Gold reserves were up $1.14 billion to $45.2 billion, the RBI said.

The Special Drawing Rights (SDRs) were up $250 million to $18.48 billion.

India’s reserve position with the IMF was up $158 million to $5.18 billion in the reporting week, as per the RBI data.