India's forex reserves increase by $689 mn to $584.55 bn

India's forex reserves increased for the second consecutive week, touching $584.554 billion as of February 26, up by $689 million, the Reserve Bank said on Friday.

The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week.

The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.

For the week ended February 26, the core currency assets – the largest component of the overall reserves - rose by $509 million to $542.615 billion, the RBI said.

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 $172 million to $35.421 billion during the reporting week, the apex bank data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $9 million to $1.517 billion in the reporting week, it said.

The country's reserve position with the IMF declined marginally to $5.001 billion in the reporting week, the data showed.

Photograph: Marcos Brindicci/Reuters