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India’s forex reserves jump by $1.15 billion to $585.89 billion: RBI data

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India’s forex reserves increased by $1.15 billion to $585.89 billion for the week ended October 13, said RBI on Friday. The jump in forex reserves came after multiple weeks of decline in India’s forex reserve.

In the previous week, the overall reserves had declined by $ 2.17 billion to $584.7 billion. Country’s forex reserve reached an all-time high of $ 645 billion in October 2021. Afterwards, reserve bore the brunt of central bank;s strategy to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended October 13, the foreign currency assets, a major component of the reserves, decreased by USD 178 million to USD 519.351 billion, according to the Weekly Statistical Supplement released by the RBI.

The foreign currency assets are expressed in dollar terms, and include the effect of appreciation or depreciation of non-US units, including the euro, pound and yen, held in the foreign exchange reserves.

During the week, country’s gold reserves increased by $1.268 billion to $43.575 billion, the RBI said. The Special Drawing Rights (SDRs) increased by $72 million to $17.995 billion, the apex bank said.

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