Forex reserves swell $10.87 billion to $676.27 billion

Mumbai: India's forex reserves jumped $10.872 billion to $676.268 billion during the week ended April 4, the Reserve Bank of India (RBI) said on Friday.

The overall kitty had jumped $6.596 billion to $665.396 billion in the previous reporting week.

This is the fifth consecutive week of an increase in the kitty, which had seen some decline recently due to revaluation, along with forex market interventions by the RBI, to help reduce volatilities in the rupee. The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.

For the week ended April 4, foreign currency assets, a major component of the reserves, increased $9.074 billion to $574.088 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 $1.567 million to $79.36 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up $186 million to $18.362 billion, the apex bank said.

India's reserve position with the IMF was also up $46 million to $4.459 billion in the reporting week, the apex bank data showed.