Mumbai, Jul 31 (PTI) India’s forex reserves jumped USD 6.118 billion to USD 682.354 billion during the week ended July 24, the Reserve Bank said on Friday.
In the previous reporting week, the overall reserves had increased USD 1.08 billion to USD 676.237 billion.
The kitty 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 Middle East conflict which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
Prime Minister Narendra Modi has also made multiple public appeals starting May 11 to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year.
For the week ended July 24, foreign currency assets, a major component of the reserves, increased USD 4.873 billion to USD 555.929 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 foreign exchange reserves.
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.
Value of gold reserves increased USD 1.308 billion to USD 103.058 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down USD 53 million at USD 18.617 billion, the apex bank said.
India’s reserve position with the IMF was also down USD 11 million to USD 4.75 billion at the end of the reporting week, according to the apex bank’s data. PTI AA TRB
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