India’s forex reserves jumped $4.307 billion to a new all-time high of $655.817 billion for the week ended June 7, the Reserve Bank of India (RBI) on Friday. The kitty had jumped $4.837 billion to $651.51 billion in the previous reporting week.
The previous high for the kitty — a crucial guard against any disturbances in the external sector — was $648.87 billion on May 10. In the past few weeks, the reserves have witnessed handsome jumps. For the week ended June 7, foreign currency assets, a major component of the reserves, increased by $3.773 billion to $576.337 billion, the data released on Friday showed.
Gold reserves
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 $481 million to $56.982 billion during the week, the RBI said.
Special Drawing Rights
The Special Drawing Rights (SDRs) were up $43 million to $18.161 billion, the apex bank said. India’s reserve position with the IMF was up $10 million to $4.336 billion in the reporting week, the apex bank data showed.
For the week ended June 7, foreign currency assets, a major component of the reserves, increased by $3.773 billion to $576.337 billion, the data released on Friday showed. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
