Mumbai, India’s foreign exchange reserves rose by US$ 4.038 billion to US$ 698.268 billion during the week ended September 5, according to data from the Reserve Bank of India (RBI) on Friday. The increase was due to a significant increase in the value of gold reserves.
In the previous reporting week, the total reserves had risen by US$ 3.51 billion to US$ 694.23 billion.
According to the data, foreign currency assets, a major component of the foreign exchange reserves, rose by US$ 540 million to US$ 584.477 billion during the week ended September 5.
Expressed in dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the foreign exchange reserves.
According to the data, gold reserves rose by US$3.53 billion to US$90.299 billion during the week.
The apex bank said that special drawing rights (SDRs) declined by US$34 million to US$18.742 billion.
According to RBI data, India’s reserve position with the IMF rose by US$2 million to US$4.751 billion in the week under review.
