India's forex reserves rise by $4 billion to reach $698.27 billion

India's forex reserves jumped $4.038 billion to $698.268 billion during the week ended September 5 on the back of a sizeable increase in value of gold reserves, the RBI data said on Friday.

In the previous reporting week, the overall reserves had jumped by $3.51 billion to $694.23 billion.

For the week ended September 5, foreign currency assets, a major component of the reserves, increased by $540 million to $584.477 billion, the data 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.

 

The gold reserves increased by $3.53 billion to $90.299 billion during the week, the data said.

The Special Drawing Rights (SDRs) were down by $34 million to $18.742 billion, the apex bank said.

India's reserve position with the IMF was up by $2 million at $4.751 billion in the reporting week, the Reserve Bank data showed.