India’s foreign exchange reserves increased by USD 2.58 billion to USD 586.11 billion,

The Reserve Bank of India reported on Friday that for the week ending on October 27, India’s foreign exchange reserves climbed by USD 2.579 billion to USD 586.111 billion. Overall reserves fell by USD 2.363 billion to USD 583.532 billion in the preceding reporting week.

The nation’s foreign exchange reserves peaked in October 2021 at USD 645 billion. The central bank utilized its foreign exchange reserve 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, climbed by USD 2.303 billion to USD 514.504 billion for the week ending October 27, 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.

According to the RBI, gold reserves increased over the week by USD 499 million to USD 45.923 billion. The apex bank said that the Special Drawing Rights (SDRs) have decreased by USD 15 million to USD 17.91 billion.

India’s reserve position with the IMF decreased during the reporting week by USD 208 million to USD 4.773 billion, according to the central bank data.

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