Forex Reserves Hit All-time High To $657.16 Bn

India's forex reserves rose by USD 5.158 billion to USD 657.155 billion during the week ended 5 July, the Reserve Bank of India (RBI) said on Friday.

The forex had declined for the previous two consecutive weeks, dropping USD 1.713 billion to USD 651.997 billion for the week ended 28 June. The reserves had touched an all-time high of USD 655.817 billion as of 7 June this year.

For the week ended 5 July, foreign currency assets, a major component of the reserves, increased from USD 4.228 billion to USD 577.11 billion, as per the data released on Friday.

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 from USD 904 million to USD 57.432 billion during the week, the RBI said. The Special Drawing Rights were up USD 21 million to USD 18.036 billion, the apex bank said.

India's reserve position with the IMF was up USD 4 million to USD 4.578 billion in the reporting week, the apex bank data showed.