India's forex reserves hit record high of $692.29 billion: RBI

The overall kitty increased by $223 million to a new high of $689.458 billion for the previous reporting week.

For the week ended September 20, foreign currency assets, a major component of the reserves, increased by $2.057 billion to $605.686 billion, the data released on Friday, September 27, 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 by $726 million to $63.613 billion during the week, the RBI said.

The special drawing rights (SDRs) were up by $121 million to $18.54 billion, the apex bank said.

India's reserve position with the IMF was down by $66 million to $4.458 billion in the reporting week, the apex bank data showed.

In the equity market, benchmark stock indices Sensex and Nifty retracted from lifetime highs to settle lower on Friday due to profit-taking in frontline stocks HDFC Bank and ICICI Bank.

The BSE Sensex declined 264.27 points, or 0.31%, to settle at 85,571.85. During the day, it climbed 142.13 points or 0.16% to reach a new record intra-day peak of 85,978.25 in the morning session. However, losses in banking and FMCG shares dragged the index into negative territory in late afternoon trade.

Snapping its six-day rally, the NSE Nifty dipped 37.10 points, or 0.14%, to 26,178.95 after rising 61.3 points, or 0.23%, to an all-time intra-day high of 26,277.35 during the day.

The BSE midcap gauge climbed 0.29% while the smallcap advanced 0.07%.

On the weekly front, the BSE benchmark jumped 1,027.54 points, or 1.21%, while the Nifty surged 388 points, or 1.50%.