India's forex reserves hit 1-month high, rise $2.58 billion to $586.11 billion: RBI Data | Mint
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Business News/ Economy / India's forex reserves hit 1-month high, rise $2.58 billion to $586.11 billion: RBI Data
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India's forex reserves hit 1-month high, rise $2.58 billion to $586.11 billion: RBI Data

The foreign currency assists, which form the major component of India's forex reserves jumped $2.303 billion to $514.504 billion during the period

India's forex reserves jumped by $2.579 billion to settle at $586.111 billion (REUTERS)Premium
India's forex reserves jumped by $2.579 billion to settle at $586.111 billion (REUTERS)

India's forex reserves jumped by $2.579 billion to settle at $586.111 billion during the week ending 27 October, the Reserve Bank of India (RBI) data said on Friday. The foreign currency assets, which form the major component of India's forex reserves jumped $2.303 billion to $514.504 billion during the period, the RBI data added. The foreign currency assets include the impact of the rise or fall in the value of non-US currencies, such as the euro, pound, and yen, which are held within the foreign exchange reserves.

The increase comes as the foreign exchange reserves declined to $583.532 billion, during the previous week.

As per RBI, the gold reserves were up by $499 million to $45.923 billion during the week while the Special Drawing Rights (SDRs) stood at $17.91 billion, down $15 million during the week. Moreover, India's reserve position with the International Monetary Fund (IMF) was down by $208 million to $4.773 billion during the week under review.

India's foreign exchange is still far from the all-time high level of $645 billion achieved in October 2021. As the geopolitical situations worsened, the central bank had to deploy forex reserves to defend the rupee which was plunging sharply against the dollar.

Rupee falls 5 paise

The growth in India's forex kitty comes as the rupee continues its neutral stance, remaining little changed over the week. On Friday, India's domestic currency declined 5 paise against the dollar to end at 83.29 compared to the previous close of 83.24.

The dollar index, a metric that assesses the strength of the US dollar relative to a basket of six different currencies, was experiencing a 0.17% decrease and was trading at a level of 105.94. The domestic currency remained stable during the week within the range of 83.18 to 83.29.

(With inputs from agencies)

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Published: 03 Nov 2023, 08:23 PM IST
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