India's forex reserves increase by $1.15 bn to $585.90 bn

India’s foreign exchange reserves increased by USD $1.153 billion to USD $585.895 billion for the week ending October 13 after multiple weeks of decline, the latest data by the Reserve Bank of India (RBI) showed on Friday. In the previous reporting week, the overall reserves had dropped by USD 2.166 billion to USD 584.742 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the reserves 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. 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 USD 1.268 billion to USD 43.575 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 72 million to USD 17.995 billion, the apex bank said. India’s reserve position with the IMF was down by USD 8 million to USD 4.975 billion in the reporting week, the apex bank data showed. With inputs from PTI.