Forex reserves increased to USD 585.89 billion, a USD 1.15 billion gain.

India’s foreign exchange reserves rose by USD 1.153 billion to USD 585.895 billion in the week ending October 13, following many weeks of declines, as per RBI statistics. Overall reserves fell by USD 2.166 billion to USD 584.742 billion in the preceding reporting week.

The nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The central bank utilized its reserves to support the rupee against pressure stemming mostly from events that have occurred globally since last year, which negatively impacted the reserves.

The foreign currency assets, which make up a significant portion of reserves, dropped by USD 178 million to USD 519.351 billion during the week that ended on October 13, according per the RBI’s Weekly Statistical Supplement.

The effect of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, appreciating or depreciating, is included in the foreign currency assets, which are expressed in terms of dollars.

The RBI said that throughout the week, gold reserves increased by USD 1.268 billion to USD 43.575 billion. The apex bank said that the Special Drawing Rights (SDRs) have increased by USD 72 million to USD 17.995 billion.

In the reporting week, India’s reserve position with the IMF decreased by USD 8 million to USD 4.975 billion, according to the central bank.

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