Indian forex reserves rise by $1.88 bn to record high of $611.89 bn

The country's foreign exchange reserves increased by $1.883 billion to touch a record high of $611.895 billion in the week ended July 9, RBI data showed on Friday.

The country's foreign exchange reserves increased by USD 1.883 billion to touch a record high of USD 611.895 billion in the week ended July 9, RBI data showed on Friday.

In the previous week ended July 2, the reserves had surged by USD 1.013 billion to USD 610.012 billion.

In the reporting week ended July 9, the increase in forex reserves was on account of the rise in foreign currency assets (FCA), a major component of the overall reserves, the Reserve Bank of India's (RBI) weekly data showed.

FCA rose by USD 1.297 billion to USD 568.285 billion in the reporting week.

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 were up by USD 584 million to USD 36.956 billion in the reporting week, according to the data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) remained unchanged at USD 1.547 billion.

The country's reserve position with the IMF increased by USD 3 million to USD 5.107 billion in the reporting week, the data showed.