India's Forex Reserves Surge to USD 674.664 Billion

Mumbai, Aug 23 (PTI) India's forex reserves jumped by USD 4.546 billion to USD 674.664 billion during the week ended August 16, the RBI said on Friday.

In the previous week, the forex kitty had dropped by USD 4.8 billion to USD 670.119 billion. On August 2, the overall reserves hit an all-time high of USD 674.919 billion.

In the week ended August 16, foreign currency assets, a major component of the reserves, increased by USD 3.609 billion to USD 591.569 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 USD 865 million to USD 60.104 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 60 million to USD 18.341 billion. India's reserve position with the IMF was up by USD 12 million to USD 4.65 billion during the week.