India's forex reserves climb $ 3.1 bn to record high of $516.362 bn

The country's foreign exchange reserves swelled by $3.108 billion to a record high of $516.362 billion in the week to July 10, RBI data showed.

In the previous week ended July 3, the reserves had increased by $6.416 billion to $513.54 billion.

The reserves had crossed the half-a-trillion mark for the first time in the week ended June 5, after it had risen by $8.223 billion to reach $501.703 billion.

In the week ended July 10, the forex kitty increased mainly due to a jump in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA was up by $2.372 billion to $475.635 billion in the reporting week, the Reserve Bank data 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 forex reserves.

Gold reserves were up by $712 million to $34.729 billion, as per the central bank data.

The special drawing rights with the International Monetary Fund (IMF) rose $5 million to $1.453 billion.

The country's reserve position with the IMF also increased by $19 million to $4.545 billion during the reporting week.