India’s foreign reserves rise by $6.561 billion to $531.08 billion


New Delhi: The RBI reported on Friday that India’s foreign exchange reserves increased by $6.561 billion to $531.081 billion in the week ended 28 October.

Total reserves fell by $3.847 billion to $524.52 billion in the previous week, continuing their downward trend.

The country’s foreign exchange reserves reached an all-time high of $645 billion in October 2021. The reserves have been declining as the central bank uses its funds to support the rupee against pressure from international events.

In the week ended Oct. 28, foreign currency assets (FCAs), a significant part of total reserves, rose by $5.772 billion to $470.847 billion, according to the weekly statistical supplement provided Friday by the RBI.

The value of the appreciation or depreciation of non-US currencies such as the euro, pound and yen held in foreign exchange reserves is included in foreign currency assets, expressed in dollars.

Gold reserves rose from $556 million to $37.762 billion. To reach $17.625 billion, special drawing rights (SDRs) increased by $185 million.

According to data from the apex bank, the country’s reserve position with the IMF increased by $48 million to $4.847 billion during the reporting week.

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