India's forex reserves increase by $689 million to $584.55 billion

The reserves increased for the second consecutive week

India's forex reserves increased for the second consecutive week, touching USD 584.554 billion as of February 26, up by USD 689 million, the Reserve Bank said on Friday.

The overall reserves had increased by USD 169 million to USD 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 USD 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 USD 509 million to USD 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 USD 172 million to USD 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 USD 9 million to USD 1.517 billion in the reporting week, it said.

The country's reserve position with the IMF declined marginally to USD 5.001 billion in the reporting week, the data showed.