India's Forex Reserves Rise To Record High Of $683.987 Billion

Forex Reserve:  According to RBI data released on Friday, India's foreign exchange reserves increased by $2.299 billion to a record high of $683.987 billion for the week ended August 30. In the previous reporting week, foreign exchange reserves increased by $7.023 billion to a high of $681.688 billion.

Foreign currency assets, a key component of reserves, rose by $1.485 billion to $599.037 billion for the week ended August 30, the data showed. When expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-U.S. units such as the euro, pound, and yen held in foreign currency reserves.

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Gold reserves rose by $862 million to $61.859 billion during the week. Special Drawing Rights (SDRs) increased by $9 million to $18.468 billion. India's reserve position with the IMF fell by $58 million to $4.622 billion in the reporting week, the apex bank data showed.

Rupee surges 2 paisa

Indian Currency rose by 2 paise to close at 83.95 (provisional) against the US dollar on Friday, in line with a weaker greenback in overseas markets. However, negative domestic equities, rising crude oil prices, and foreign fund outflows restricted sharp gains, forex traders said.

The local unit opened at 83.97 against the US dollar and witnessed an intra-day high of 83.91.
The unit, which traded in a range of 83.91-83.97, finally settled at 83.95 (provisional) gaining 2 paise. On Tuesday, it closed at 83.97.

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