India's Forex reserves rise by USD 963 million to USD 672.59 billion: RBI

India's foreign exchange (forex) reserves rose by USD 963 million to USD 672.587 billion for the week ended June 19, according to data released by the Reserve Bank of India (RBI) on Friday.

The increase comes after the country's reserves had declined by USD 9.985 billion in the previous reporting week, bringing the total to USD 671.625 billion.

The RBI said foreign currency assets (FCAs), the largest component of the reserves, fell by USD 3.072 billion to USD 541.217 billion. FCAs reflect the impact of fluctuations in currencies such as the euro, pound sterling and Japanese yen against the US dollar.

However, the country's gold reserves registered a strong rise of USD 4.110 billion, reaching USD 107.930 billion, which helped offset the decline in foreign currency assets.

Meanwhile, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by USD 52 million to USD 18.647 billion, while India's reserve position with the IMF fell by USD 22 million to USD 4.793 billion during the reporting week.