India's Forex Kitty Jumps $7.26 Bn to $674.19 Bn

India's forex reserves jumped $7.26 billion to $674.193 billion during the week ended July 3, the Reserve Bank of India said on Friday.

In the previous reporting week, the forex kitty had dropped by $5.654 billion to $666.933 billion.

The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the onset of the Middle East conflict, which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.

Prime Minister Narendra Modi has also made multiple public appeals starting May 11 to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year.

For the week ended July 3, foreign currency assets, a major component of the reserves, increased $4.51 billion to $545.578 billion, the central bank's data showed.

Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of gold reserves jumped $2.669 billion to $105.205 billion during the week, the RBI said.

The special drawing rights (SDRs) were up $65 million at $18.623 billion, the apex bank said.

India's reserve position with the IMF was also up by $15 million to $4.787 billion at the end of the reporting week, according to the apex bank's data.