Mumbai (Maharashtra): India's forex reserves jumped by USD 7.023 billion to touch a new high of USD 681.688 billion in the week ended August 23, the Reserve Bank of India (RBI) said on Friday.
The overall reserves had jumped by USD 4.546 billion to USD 674.664 billion in the previous reporting week. The previous all-time high for the overall reserves was recorded at USD 674.919 billion as on August 2.
For the week ended August 23, foreign currency assets, a major component of the reserves, increased by USD 5.983 billion to USD 597.552 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 893 million to USD 60.997 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by USD 118 million to USD 18.459 billion, the apex bank said. India's reserve position with the IMF was up by USD 30 million to USD 4.68 billion in the reporting week, the apex bank data showed.
Forex, or foreign exchange, is the process of exchanging one country's currency for another.
