- India's forex reserves rose by $938 million to $682.321 billion for the week ended May 28
- The previous week saw a drop of $7.511 billion in forex reserves to $681.384 billion
- Foreign currency assets increased by $3.116 billion to $546.148 billion during the week
India's forex reserve for the week ended May 28 jumped by $938 million to $682.321 billion the Reserve Bank said on Friday.
In the previous reporting week, the kitty dropped $7.511 billion to $681.384 billion.
The kitty had expanded to an all-time high of $728.494 billion during the week ended Feb. 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 May 29, foreign currency assets, a major component of the reserves, increased $3.116 billion to $546.148 billion, the central bank's data showed.
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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 declined $2.186 billion to $112.6 billion during the week, the RBI said.
The special drawing rights (SDRs) were unchanged at $18.747 billion, the apex bank said.
India's reserve position with the IMF was up by $8 million to $4.826 billion at the end of the reporting week, according to the apex bank's data.
With inputs from PTI.
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