Forex reserves jump by $2.97 bn to $619 bn

India's forex reserves jumped by $2.97 billion to $619.07 billion for the week ended February 23, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had dropped by $1.13 billion to $616.10 billion.

For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.40 billion to $548.19 billion.

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 $472 million to $48 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $89 million to $18.20 billion, the apex bank said.

India's reserve position with the IMF was up by $9 million to $4.84 billion in the reporting week, the apex bank data showed.

India's forex reserves hit an all-time high of $645 billion in October 2021.