Forex reserves jump $4.03 bn to $598.89 bn

India's forex reserves jumped by $4.039 billion to $598.89 billion for the week ended September 1, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had dropped by $30 million to $594.86 billion.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.

The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended September 1, the foreign currency assets, a major component of the reserves, increased by $3.44 billion to $530.69 billion, according to the Weekly Statistical Supplement released by the RBI.

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 were up by $584 million to $44.94 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by $1 million to $18.19 billion, the apex bank added.

The country's reserve position with the IMF was also up by $12 million to $5.07 billion in the reporting week, the RBI data showed.