India's forex reserves jump USD 1.51 bln to USD 658.091 bln; end consecutive weeks of decline

India's forex reserves increased by USD 1.51 billion to USD 658.091 billion for the week ended November 29, the RBI said on Friday.

The overall reserves had dropped by USD 1.31 billion to USD 656.582 billion in the previous reporting week. The kitty has witnessed a declining trend in the recent past and had dropped by a record USD 17.761 billion in the week prior to the last.

The forex reserves had increased to an all-time high of USD 704.885 billion in end-September.

For the week ended November 29, foreign currency assets, a major component of the reserves, increased by USD 2.061 billion to USD 568.852 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 decreased by USD 595 million to USD 66.979 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 22 million to USD 18.007 billion, the apex bank said.

India's reserve position with the IMF was also up by USD 22 million to USD 4.254 billion in the reporting week, the central bank data showed.

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