India's forex reserves hit record high of $655.8 bn

India's forex reserves jumped $4.307 billion to a new all-time high of $655.82 billion for the week ended June 7, the Reserve Bank of India (RBI) on Friday.

The kitty had jumped $4.84 billion to $651.51 billion in the previous reporting week.

The previous high for the kitty -- a crucial guard against any disturbances in the external sector -- was $648.87 billion on May 10.

In the past few weeks, the reserves have witnessed handsome jumps.

For the week ended June 7, foreign currency assets, a major component of the reserves, increased by $3.77 billion to $576.34 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 $481 million to $56.98 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up $43 million to $18.16 billion, the apex bank said.

India's reserve position with the IMF was up $10 million to $4.34 billion in the reporting week, the apex bank data showed.