Mumbai, Aug 7 (PTI) India’s forex reserves jumped by USD 10.512 billion to USD 692.866 billion during the week ended July 31, the RBI said on Friday.
The overall kitty had jumped by USD 6.118 billion to USD 682.354 billion in the previous reporting week.
Reserves had expanded to an all-time high of USD 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 31, foreign currency assets, a major component of the reserves, increased by USD 8.75 billion to USD 564.68 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
It can be recalled that the central bank and the government had launched a series of measures to attract more forex flows into the country last month, including the FCNR(B) measure.
The country has so far received USD 32 billion under the schemes, as per reports.
The value of gold reserves increased by USD 1.685 billion to USD 104.743 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by USD 48 million at USD 18.666 billion, the apex bank said.
India’s reserve position with the IMF also rose by USD 28 million to USD 4.778 billion at the end of the reporting week, according to the apex bank’s data. PTI AA BAL BAL
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