Forex reserves jump by $4.496 billion to $702.28 billion, shows RBI data

India's forex reserves increased by $4.496 billion to $702.28 billion for the week ended October 17, as the value of gold reserves rose further, the RBI said on Friday.

In the previous reporting week, the overall reserves had jumped by $2.176 billion to $697.784 billion.

For the week ended October 17, foreign currency assets, a major component of the reserves, decreased by $1.692 billion to $570.411 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of the gold reserves jumped by $6.181 billion to $108.546 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $38 million to $18.722 billion, the apex bank said.

India's reserve position with the IMF fell by $30 million to $4.602 billion in the reporting week, according to the apex bank's data.