Forex reserves jump $6.992 billion to $692.721 billion

Mumbai: India's forex reserves jumped by $6.992 billion to $692.721 billion during the week ended May 23, the RBI said on Friday.

In the previous reporting week ended May 16, the overall reserves had dropped by $4.888 billion to $685.729 billion. The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.

For the week ended May 23, foreign currency assets, a major component of the reserves, increased by $4.516 million to $586.167 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.

The gold reserves increased by $2.366 billion to $83.582 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) rose by $81 million to $18.571 billion, the apex bank said.

India's reserve position with the IMF was also up by $30 million at $4.401 billion in the reporting week, the apex bank data showed.