India’s forex kitty jumps $964 million to $675.15 billion

India’s forex reserves jumped $964 million to $675.157 billion in the week ended July 10, the Reserve Bank said on Friday. In the previous reporting week, the overall kitty had jumped by $7.26 billion to $674.193 billion.

The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the onset of the West Asia conflict, which led to several weeks of drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales. For the week ended July 10, foreign currency assets, a major component of the reserves, increased by $930 million to $546.508 billion, the central bank’s data showed.  Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

The value of gold reserves increased by $24 million to $105.223 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $3 million at $18.626 billion, the apex bank said.

India’s reserve position with the IMF was also up by $7 million to $4.793 billion at the end of the reporting week, according to the apex bank’s data.