India's forex reserves rise by $4.5 billion to hit $702.28 billion

India?s foreign exchange reserves rose by USD 4.496 billion to USD 702.28 billion for the week ending 17 October, mainly driven by an increase in the value of gold reserves, the Reserve Bank of India (RBI) said on Friday.

Foreign currency assets (FCA), the largest part of the reserves, fell by USD 1.692 billion to USD 570.411 billion.

Meanwhile, the value of gold reserves rose sharply by USD 6.181 billion to USD 108.546 billion during the week. Special Drawing Rights (SDRs) also saw a slight increase of USD 38 million, reaching USD 18.722 billion.

India?s reserve position with the International Monetary Fund (IMF) fell by USD 30 million to USD 4.602 billion in the reporting week, according to RBI data.

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