India's forex reserves jump $4.5 bn to $690.61 bn on rise in gold assets

India's forex reserves jumped by $4.553 billion to $690.617 billion for the week ended May 9 on the back of a steep increase in gold assets, the RBI said on Friday.

In the previous reporting week, the overall reserves had dropped by $2.065 billion to $686.064 billion. The forex reserves had touched an all-time high of $704.885 billion in end-September 2024.

For the week ended May 9, foreign currency assets, a major component of the reserves, increased by $196 million to $581.373 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 jumped by $4.518 billion to $86.337 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $26 million to $18.532 billion, the apex bank said.

India's reserve position with the IMF was also down by $134 million at $4.374 billion in the reporting week, the apex bank data showed.