India’s forex reserves surge by USD 689 million to USD 584.55 billion

The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.

For the week ended February 26, the core currency assets the largest component of the overall reserves – rose by $509 million to $542.615 billion, the RBI said. 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 by $172 million to $35.421 billion during the reporting week, the apex bank data showed. The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $9 million to $1.517 billion in the reporting week, it said. The country’s reserve position with the IMF declined marginally to $5.001 billion in the reporting week, the data showed.