Forex reserves rise for second straight week, reach $688.94 bn: RBI

India's forex reserves jumped by USD 1.689 billion to USD 688.949 billion during the week ended December 12, the Reserve Bank of India said on Friday.

India's forex reserves jumped by $1.689 billion to $688.949 billion during the week ended December 12, the Reserve Bank of India said on Friday.

In the previous reporting week, the overall reserves increased by $1.033 billion to $687.26 billion.

For the week ended December 12, foreign currency assets, a major component of the reserves, increased by $906 million to $557.787 billion, according to the data.

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 increased by $758 million to $107.741 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) surged by $14 million to $18.745 billion, the apex bank said.

India's reserve position with the IMF rose $11 million to $4.686 billion in the reporting week, according to the apex bank's data.