India Forex Reserves Reclaim USD 700 Billion Mark

Mumbai, Apr 17 (PTI) India's forex reserves jumped USD 3.825 billion to USD 700.946 billion during the week ended April 10, says RBI.

In the previous reporting week ended April 3, the overall reserves had jumped USD 9.063 billion to USD 697.121 billion.

The kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year, before the onset of the Middle East conflict which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.

For the week ended April 10, foreign currency assets, a major component of the reserves, increased by USD 3.127 billion to USD 555.983 billion, the central bank's data showed.


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

Value of gold reserves increased by USD 601 million to USD 121.343 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up USD 56 million to USD 18.763 billion, the apex bank said.

India's reserve position with the IMF was up USD 41 million to USD 4.857 billion at the end of the reporting week, according to the apex bank's data.