India’s forex reserves jump to record $728.49 billion on rise in gold holdings

India’s forex reserves jumped USD 4.885 billion to an all-time high of USD 728.494 billion during the week ended February 27, the Reserve Bank said on Friday. The increase was largely driven by a sharp rise in gold reserves, which jumped $4.141 billion to $131.63 billion. 

Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.India’s reserve position with the IMF was also up USD 158 million to USD 4.87 billion in the reporting week, according to the apex bank’s data.