India Forex Reserves: India’s forex reserves cross $700-billion mark

Kolkata: India’s foreign exchange coffer crossed the $700 billion mark with the reserves growing $4.698 billion in the week to September 12, the Reserve Bank of India data showed. The reserves stood at $702.966 billion, covering for about 11.5 months of imports, people aware said.

The forex currency assets, the largest component of reserves, rose $2.537 billion to $587.014 billion dollar, the RBI data showed.

The rise in forex assets was perhaps largely due to change in valuation of assets held in other global currencies like euro, pound sterling and yen, forex market traders said.
The rupee against the dollar has been under pressure after the imposition of 50% tariff by the US government. At the end of September 12, rupee was at 88.12 against US greenback. Expressed in dollar terms, foreign currency assets reflect change in valuation of reserves held in other currencies.