India's forex reserves jump USD 4.88 bn to all-time high of USD 728.49 bn

Mumbai: India's forex reserves jumped USD 4.885 billion to an all-time high of USD 728.494 billion during the week ended February 27, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had dropped USD 2.119 billion to USD 723.608 billion. The previous all time high for the kitty was USD 725.727 billion during the week ended February 13 this year.

For the week ended February 27, foreign currency assets, a major component of the reserves, increased USD 561 million to USD 573.125 billion, the data released by the central bank showed.

Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of the gold reserves increased USD 4.141 billion to USD 131.630 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up USD 26 million to USD 18.87 billion, the apex bank said.

India's reserve position with the IMF was also up USD 158 million to USD 4.87 billion in the reporting week, according to the apex bank's data.