INDIA'S FOREX RESERVES JUMP $4 BILLION TO RECORD HIGH OF $670.857 BILLION: RBI

NEW DELHI: India's foreign exchange reserves surged by $4 billion to reach $670.857 billion for the week that ended on July 19, according to the Reserve Bank of India (RBI) on Friday.

The overall reserves had jumped by $9.699 billion to an all-time high of $666.854 billion in the last week that concluded on July 12.

The data released on Friday revealed that for the week ending July 19, there was a significant increase in foreign currency assets, which constitute a substantial portion of the reserves. These assets rose by $2.578 billion, amounting to $588.048 billion.

When foreign currency assets are expressed in dollar terms, they encompass the impact of appreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The country's gold reserves saw a significant boost, rising by $1.329 billion to reach $59.992 billion, as reported by the Reserve Bank of India (RBI).

Furthermore, the Special Drawing Rights (SDRs) also experienced an increase of $95 million, bringing the total to $18.207 billion, according to the central bank.

However , the India's reserve position with the IMF were unchanged at $4.610 billion in the reporting week, the RBI data revealed.

(With inputs from agencies)