India's forex reserves rise $1.98 bn to $688.13 bn, up for 8th week in row

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India's forex reserves increased $1.983 billion to $688.129 billion during the week ended April 25, the RBI said on Friday.

This is the eighth consecutive week of a rise in the kitty, which had jumped 8.31 billion to $686.145 in the previous reporting week.

The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.

For the week ended April 25, foreign currency assets, a major component of the reserves, increased $2.168 billion to $580.663 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 decreased $207 million to $84.365 billion during the week, the Reserve Bank of India said.

The Special Drawing Rights (SDRs) were up $21 million to $18.589 billion, the apex bank said.

India's reserve position with the IMF was also up $2 million to $4.512 billion in the reporting week, the apex bank data showed.