India's Forex Reserves Hit Record High of USD 648.7 Billion

Mumbai, May 24 (PTI) India's forex reserves jumped USD 4.549 billion to a new all-time high of USD 648.7 billion for the week ended May 17, the Reserve Bank said on Friday.

This is the third consecutive week of increase in the overall kitty, which had increased by USD 2.561 billion to USD 644.151 billion in the previous reporting week ended May 17.

For the week ended April 5, the reserves had hit an all time high of USD 648.562 billion following multiple weeks of increases.

In the week ended May 10, foreign currency assets -- a major component of the reserves -- increased USD 3.361 billion to USD 569.009 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 USD 1.244 billion to USD 57.195 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up USD 113 million to USD 18.168 billion, the apex bank said.

India's reserve position with the IMF was down USD 168 million to USD 4.327 billion in the reporting week, the apex bank data showed.