India’s forex reserves jump by $2.579 billion to $586.111 billion

Mumbai: India’s foreign exchange reserves increased by $2.579 billion to $586.111 billion in the week ended on October 27, the Reserve Bank of India said on Friday.

In the previous reporting week, the overall reserves had dropped by $2.363 billion to $583.532 billion.

In October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the foreign currency reserve to defend rupee amid pressures caused majorly by global developments since last year.

For the week ended October 27, the foreign currency assets, a major component of the reserves, increased by $2.303 billion to $514.504 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-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up by $499 million to $45.923 billion during the week, the Reserve Bank said.

The Special Drawing Rights (SDRs) were down by $15 million to $17.91 billion, the apex bank said.

India’s reserve position with the IMF was down by $208 million to $4.773 billion in the reporting week, the central bank data showed.