India’s forex reserves jump for third straight week to hit fresh record high of $648.7 billion: RBI

India’s forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday. This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.

This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17. For the week ended April 5, the reserves had hit an all time high of $648.562 billion following multiple weeks of increases.

In the week ended May 10, foreign currency assets — a major component of the reserves — increased $3.361 billion to $569.009 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 $1.244 billion to $57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said. India’s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.