India’s forex reserves jump $4.3 bn to hit new all-time high of $655.8 bn

India’s forex reserves jumped USD 4.307 billion to a new all-time high of USD 655.817 billion for the week ended June 7, the Reserve Bank of India (RBI) on Friday.

The kitty had jumped USD 4.837 billion to USD 651.51 billion in the previous reporting week.

The previous high for the kitty — a crucial guard against any disturbances in the external sector — was USD 648.87 billion on May 10. In the past few weeks, the reserves have witnessed handsome jumps.

For the week ended June 7, foreign currency assets, a major component of the reserves, increased by USD 3.773 billion to USD 576.337 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 USD 481 million to USD 56.982 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up USD 43 million to USD 18.161 billion, the apex bank said.

India’s reserve position with the IMF was up USD 10 million to USD 4.336 billion in the reporting week, the apex bank data showed.