Forex reserves jump $2.98 billion to new peak of $648.562 billion: RBI

India's forex reserves jumped by $2.98 billion to a fresh peak of $648.562 billion for the week ended April 5, the RBI said on Friday.

In the previous reporting week, the forex kitty had increased by $2.951 billion to $645.583 billion, which was an all-time high.

In September 2021, the country's forex kitty reached an all-time high of $642.453 billion, a level that was breached in March this year.

The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global events, but there has been a steady accretion over the past few months.
 

For the week ended April 5, the foreign currency assets, a major component of the reserves, increased by $549 million to $571.166 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 by $2.398 billion to $54.558 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $24 million to $18.17 billion, the apex bank said.

India's reserve position with the IMF was also up by $9 million to $4.669 billion in the reporting week, the apex bank data showed.