India’s forex reserves jump $12.588 billion to hit record high of $704.885 billion

India’s forex reserves jumped by $12.588 billion to a new all-time high of $704.885 billion for the week ended September 27, the Reserve Bank said on oCtober 4.

The overall kitty had swelled by $2.838 billion to $692.296 billion in the previous reporting week.

The $12.588-billion surge would be one of the highest weekly rises ever, and this is the first time the reserves have crossed the $700-billion mark.

For the week ended September 27, foreign currency assets, a major component of the reserves, increased by $10.468 billion to $616.154 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 $2.184 billion to $65.796 billion during the week, the central bank said.

The Special Drawing Rights (SDRs) were up by $8 million to $18.547 billion, it said.

India’s reserve position with the IMF was down by $71 million to $4.387 billion in the reporting week, the apex bank data showed.

PTI