Forex reserves jump $4 bn to new high of $670.86 bn

Surpassing the all-time high level achieved the previous week, India's forex reserves jumped by another $4 billion to $670.86 billion for the seven days ended July 19, the Reserve Bank said on Friday.

The overall reserves had jumped by $9.7 billion to an all-time high of $666.85 billion in the week ended July 12.

For the week ended July 19, foreign currency assets, a major component of the reserves, increased by $2.58 billion to $588.05 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 $1.33 billion to $59.99 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $95 million to $18.21 billion, the apex bank said.

India's reserve position with the IMF were unchanged at $4.61 billion in the reporting week, the apex bank data showed.