Forex kitty jumps $12.59 bn to hit record high of $704.88 bn

India's forex reserves jumped by $12.59 billion to a new all-time high of $704.88 billion for the week ended September 27, the Reserve Bank said on Friday.

The overall kitty had swelled by $2.84 billion to $692.3 billion in the previous reporting week.

The $12.588 billion would be one of the highest weekly rises ever and this is the first time the reserves have crossed the $700 billion mark.

For the week ended September 27, foreign currency assets, a major component of the reserves, increased by $10.47 billion to $616.15 billion, the data released on Friday showed.

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

Gold reserves increased by $2.18 billion to $65.8 billion during the week, the central bank said.

The Special Drawing Rights (SDRs) were up by $8 million to $18.55 billion, it said.

India's reserve position with the IMF was down by $71 million to $4.39 billion in the reporting week, the apex bank data showed.