Forex reserves rise by $1.657 billion to $586.412 billion as of April 14

For the week ended April 14, the foreign currency assets, a major component of the reserves, increased by $2.204 billion to $516.635 billion.

India's forex reserves rose by $1.657 billion to $586.412 billion as of April 14, marking their second consecutive week of increase, according to the RBI data released on Friday.

In the previous reporting week, the overall reserves rose by $6.306 billion to $584.755 billion.

For the week ended April 14, the foreign currency assets, a major component of the reserves, increased by $2.204 billion to $516.635 billion, according to the Weekly Statistical Supplement released by the RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves dropped by $521 million to $46.125 billion, the RBI said. The Special Drawing Rights (SDRs) were down by $38 million to $18.412 billion, the apex bank said.

The country's reserve position with the IMF was up by $12 million to $5.19 billion in the reporting week, the apex bank data showed.